The package will be used by Transport for London (TfL) for projects such as providing new Tube trains for the Piccadilly line.
London’s public transport will receive a £250 million investment from the Government next year.
The Department for Transport (TfL) said the package will be used by Transport for London (TfL) for projects such as providing new Tube trains for the Piccadilly line.
TfL is not allowed to spend the money on its day-to-day operations.
Rail minister Huw Merriman said: “We’re investing in transport across the country, and today’s agreement will have a tangible, positive impact not just for people travelling in and around the capital but also the millions who visit every year.
“It is fair for Londoners and taxpayers, underpinning projects that will support hundreds of skilled manufacturing jobs in our vital rail sector.
“We have invested billions into the capital’s transport system in recent years.
“This investment must be well managed in a way that doesn’t unfairly burden the pockets of taxpayers and motorists.”
