The announcement was part of last month's Children's Plan, which sets out the government vision for children and young people over the next 10 years.
The funding could mean the creation of 50 state-of-the-art youth centres, the refurbishment of 500 centres or more than 2,000 smaller-scale projects being set up, according to The National Youth Agency (NYA).
Fiona Blacke, chief executive of The NYA, said: "There is plenty of ambition and aspiration for our young people, backed by government funding."
For more about the Children's Plan, visit www.youthworknow.co.uk/bigissues.
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