Boris Johnson also revealed the town centre projects set to benefit from the latest round of funding from two regeneration funds.

Ensuring London remains the motor of the UK economy is a top priority for the Mayor, which is why he is channelling millions into capital-wide regeneration projects, with £70 million from his Regeneration Fund and £50 million from his Outer London Fund. Additional match funding of £57 million from other private and public sector partners raises the total to £177 million.

Delivering a much needed shot in the arm to areas struggling during the downturn, the Mayor today announced the 18 boroughs and 23 schemes set to benefit from the second round of his £50 million Outer London Fund – schemes that would not have gone ahead without his investment.

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The Mayor also announced that eight boroughs will benefit from his £70 million Regeneration Fund, set up to help repair the damage caused to high streets and town centres during last summer's riots. The eight boroughs are: Croydon, Haringey, Camden, Ealing, Enfield, Hackney, Merton and Southwark. The Mayor's team is also in discussions with additional boroughs to bring forward their plans.

Mr Johnson, said: "London is the motor of the UK economy and prosperous local high streets are the collective beating heart. 2012 is set to be a great year in the capital and I am in no doubt that London will emerge strongly from the economic downturn but we must keep investing in our many high streets and town centres to address the historic neglect of these areas by others. Kick starting local growth is exactly what these Funds are designed to do."

(CD/GK)