A total of £1bn will be allocated using a ‘needs-based formula’, with more than half (£583m) going to towns across the North of England.
Prime minister Theresa May stated: “For too long in our country prosperity has been unfairly spread.
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“Our economy has worked well for some places, but we want it to work for all communities.”
In addition to the sizeable £1bn contribution through the fund, a further £600m will be made available via a bidding process to communities in any part of the country.
James Brokenshire, communities secretary, added: “This major new fund builds on more than £9bn in city and growth deals we have delivered since 2010 to help hard working people reach their full potential and to build an economy that works for everyone.”
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