Lord Deighton, Chair of the HS2 Growth Taskforce and Commercial Secretary, announced the progress on the scheme during a visit to Manchester.
The new road will improve access to Manchester Airport and the Airport City Enterprise Zone, leading to an estimated 5,450 new jobs stemming from improved connectivity.
It will also relieve congestion and support growth in the wider south Manchester area.
Lord Deighton said: "This is another example of the government's willingness to unlock the key transport infrastructure vital to the regeneration of the economy.
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"Making this funding available for new road links around Manchester Airport reflects this government's commitment to drive growth in the economy and reduce congestion on our roads. Manchester International Airport is the 4th largest airport in the UK and of crucial economic importance to the future prosperity of the north of England.
"The scheme will significantly improve access from the east not only to the airport but also the airport city enterprise zone. It will also relieve congestion in the south of the conurbation and support growth in the wider south Manchester corridor.
"A parallel shared cycle and pedestrian path and a package of complementary measures, which could include the widening of pavements and new bus lanes, will maximise the scope of potential benefits by making the most efficient use of road space in the areas where there are forecast reductions in car traffic."
The scheme consists of 6.2 miles of new dual carriageway on an east-west route from the A6 near Hazel Grove, south east of Stockport to Manchester Airport and the link road to the M56 incorporating 2.5 miles of the existing A555.
Construction is scheduled to start in January 2015 with completion in Summer 2017.
(IT/JP)
