The funding boost will be used to transform, revitalise and improve the existing airport.
Welcoming the decision, London Mayor Sadiq Khan also called on Prime Minister Theresa May to make a final decision on an airport expansion in the South east, as well as underlining his support for a second runway to be built at the airport.
Mayor Khan said: "Gatwick is the front door to London for millions of visitors to our city and I salute their decision to spend another £200m on improvements to the airport. They have put together a formidable plan that is a fantastic display of their confidence in London.
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"The new Prime Minister has a very important decision to make regarding new airport capacity, and I urge her to rule as swiftly as possible in favour of a second runway at Gatwick, which would bring substantial economic benefits.
Gatwick Airport CEO Stewart Wingate added: "As Gatwick rapidly approaches full capacity, this increased investment paves the way for our second runway project. As we enter a new era for Britain, we must be agile and decisive as a country to show the world that we are open for business.
"It is now clear that only Gatwick can deliver the runway Britain needs to boost international competitiveness and trading links at a time when it is most needed, and we can do that before 2025.
"This investment will also make sure that we can continue Gatwick’s record growth and transformation."
Some of the projects identified in the new Investment Programme [2016 to 2021] include:
• Expansion of both the North Terminal and South Terminal departure lounges
• Upgrading shopping facilities
• Expansion of the North Terminal and South Terminal immigration halls
• Additional aircraft parking stands and optimisation of taxiway
(LM/CD)
