The Scottish Government cash is being awarded to the Clyde Gateway programme which covers the east end of Glasgow and the north part of South Lanarkshire.
First Minister Nicola Sturgeon said the funding will deliver “a physical, social and economic transformation” by helping to create jobs and attract private investment.
The programme was set up as a partnership between Glasgow City Council, South Lanarkshire Council, Scottish Enterprise and the Government to establish the area – which was also a key site for the 2014 Commonwealth Games – as a business hub.
Ms Sturgeon said: “This funding underlines the Scottish Government’s long-term commitment to Clyde Gateway over the term of this Parliament. It will act as a catalyst for investment and deliver a physical, social and economic transformation of what has historically been one of the most deprived areas in Scotland. Clyde Gateway has worked tirelessly to tackle inequalities while establishing and maintaining excellent relationships with the local community, playing a huge part in making it a fantastic location for people to live and businesses to locate.”