The fund will be the first programme from the new lottery distributor, due to be formed by the end of this year from the existing New Opportunities Fund (NOF) and the Community Fund.
The money will support the aims and objectives for children set out in the green paper and the Children's Bill.
NOF senior policy advisor Helen Thorne said that a cross-distributor pot could be implemented. "Although this is the first programme for the new distributor, we expect more tranches of money to follow," she said.
Youth inclusion, particularly through out-of-school activities, is expected to be a prime focus for the cash, 157m of which has been earmarked for England.
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