James Wharton, local growth and Northern Powerhouse minister, said: “This funding will give the places a chance to contribute more to the national economy and unlock local potential.
“We want local partners to come forward with how they want to use this money to drive forward their economy.”
The money will be available for the EU fund’s 2014-20 round and will be spent according to the local objectives of the 39 LEPs.
Its main priorities will be research and innovation, supporting and promoting small to medium sized enterprises and the creation of a low carbon economy.
A further £2.5bn is available for supporting projects from the European Social Fund and part of the European Agricultural Fund for Rural Development.
