The scheme aims to unlock up to 3,500 homes in the Solent area, along with 250 new jobs, particularly at the North Whiteley development site.
In addition, the project is part of a further £45.5m nationwide package being announced today, 14 August, which is set to help unlock the development of more than 6,000 jobs and nearly 10,000 homes in Leicestershire and the South East.
Up to £19.9m will be contributed towards the schemes from Highways England's Growth and Housing fund, a special budget ring-fenced for road improvements needed for planned major developments.
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The three other schemes are;
• M27 junction 9 Whitley Way, up to 3,500 homes and up to 250 jobs - £9.9m Growth and Housing Fund / £3m Highways England Congestion Relief Fund.
• Anstey Lane (A46 / A560) up to 2,378 homes and around 260 jobs - £5m Growth and Housing Fund / £2.8m private developers.
• M1 junction 23, up to 4,000 homes and 5,600 jobs - £5m Growth and Housing Fund / £10m private funding / £3.2m local growth fund.
Highways England chief executive Jim O'Sullivan said: "England's strategic roads are vital for economic success, connecting businesses, people and supporting the government's agenda of employment and growth.
"All of these improvements and future upcoming announcements will ultimately ensure England's major roads continue to make a valuable contribution to the prosperity of our country."
(LM)
