The scheme has been set up to remember 14 young people from the borough who died in 1981 in a house fire in New Cross, in conjunction with the young people's families.
The bursaries, of 10,000 each, will enable two academically promising but financially disadvantaged young people from Lewisham to get into university each year.
Steve Bullock, Mayor of Lewisham, said: "We can help realise the potential of local young people."
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