The stadium will host track and field events as well as the opening and closing ceremonies of the games.
Plans are already underway for the redevelopment of Alexander Stadium, which will see the capacity increase from 12,700 to 40,000 for the games, before being reduced to 20,000 permanent seats after the event.
The revamp will also include new community sports facilities within the new stand, a permanent warm-up track and a new conference and meeting space for business and cultural events.
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“Birmingham’s dynamism, diversity and ambition capture exactly what it is to be part of the Commonwealth and I’m sure that in four years’ time, the people of this city will host an incredible event which showcases the very best of Britain to the world,” said May.
“The investment I am announcing today will transform the stadium into a state-of-the-art facility benefiting the local community and the region well beyond 2022.”
Birmingham will take the Commonwealth Games baton following the conclusion of the 2018 games in the Gold Coast, Australia, on Sunday.