??Through the initiative, both organisations will provide £20m each to create a "Youth Investment Fund" aimed at developing youth projects in 34 disadvantaged communities up until 2020 (see list below).
?The first projects are expected to be awarded funding from the £40m pot in spring 2017.
??A second £40m has been set aside to provide continued support for the Step Up To Serve #IWill youth social action campaign, with the government and the Big Lottery Fund again investing £20m each by the end of 2020. ?
?The "#IWill Fund" will launch in the autumn with the aim of getting young people involved in greater volunteering opportunities.
It is hoped that funding from other sources will also be generated to help increase the amount of money available for specific themes supported through it such as sport, uniformed groups and health and social care.??
Government expects the investment to open up opportunities for young people to get involved in their communities and gain experiences, while also helping to support personal development and build character and help with future prospects.
Announcing the initiatives, Prime Minister Theresa May said: "This new funding demonstrates our commitment, and will be a huge boost for youth groups across the country - giving young people, especially those from disadvantaged backgrounds, the opportunity to gain the experiences and skills they need to succeed in life.
"This is all part of our determination to build a country that works for everyone - and ensure that young people can go as far as their talents allow, regardless of their backgrounds."??
Charlotte Hill, chief executive of Step Up To Serve, praised the move, stating that increasing the opportunities for youth social action is of "vital importance in today's society". ??
Youth minister Rob Wilson, added: "I want the funds to attract even more investment from a wide range of sources including local organisations, businesses and philanthropists. ??
"This will give young people access to high quality and innovative services now and long into the future, demonstrating our commitment to ensuring they have the opportunities they need to develop skills for work and life."
??The local authority areas the Youth Investment Fund will target are:
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