Edinburgh City Council has proposed a multi-million pound funding deal for Edinburgh's festivals to mark their 70th anniversaries.

The local authority has agreed to invest an additional £1m every year for five years to protect the festivals' legacy.

A full council meeting agreed the outline of the plan on Thursday, with the Scottish Government expected to provide additional funding.

The Edinburgh International Festival and the Fringe began in 1947 and now attract millions of visitors every year.

If the funding is approved the council says it will go towards increasing visitor numbers and enhance the festivals' reputations around the world.

The money would also help local artists and create opportunities in disadvantaged areas.

Council leader Adam McVey said: "Our festivals have been driving Edinburgh's tourism for 70 years. Attracting audiences of over 4.5 million every year, they add £313m to the Scottish economy.

"If we are to sustain our position as the world's festival city and protect their legacy, we need to make a joint commitment towards supporting their future success.

"In this crucial year, we need to recognise how our festivals support tourism, create jobs, and develop the creative and hospitality industries."

Culture secretary Fiona Hyslop said: "The internationally renowned Edinburgh festivals attract visitors from across the world every year and make a significant contribution to our economy.

"The Scottish Government has long made clear our commitment to supporting the festivals - awarding £19m since 2008 through the Expo Fund.

"I welcome the council's in-principle agreement to invest an additional £5m over the next five years and we are finalising our discussions on the Scottish Government's support for the festivals."