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The fund is aimed at improving town centres and local high streets and will be allocated in two rounds over the course of three years.It will aim to allocate up to £500,000 to each of the successful round one bidders, up to a total of £10 million - a spokesman for the mayor of London said.
"This is a significant pot of money to help projects really motor and I am delighted that we now have the means to nurture developments, increase work and leisure opportunities and make futures bright locally. This is a huge lift for the Cinderellas of the High Street and I am confident that we will see a real buzz and vibrancy before Christmas this year."
A panel including members of the Greater London Authority, Transport for London and the Outer London Commission - which was set up by the mayor to examine issues facing outer London boroughs - will make recommendations to the mayor, who will make the final decision on which bids are taken forward.
The deadline for round one applications is 18 July 2011. Round two applications will be submitted in August 2011.
Outer London is defined as the local authority areas of Barking and Dagenham, Barnet, Bexley, Brent, Bromley, Croydon, Ealing, Enfield, Haringey, Harrow, Havering, Hillingdon, Hounslow, Kingston, Merton, Newham, Redbridge, Richmond, Sutton and Waltham Forest.
Launching the fund during a visit to Bromley town centre today, Johnson said the money would "specifically target those boroughs which benefit less directly from the 2012 Games and Crossrail and will accelerate a pan-London economic recovery advancing job opportunities not just for a few but for many".
Boroughs that qualify will be able to bid for a slice of the fund to enable developments that are "at a tipping point" to go ahead, according to the mayor.
Johnson said his Outer London Commission, set up to look at ways to boost the economies of the outer London boroughs, will now "test and advise on how the bidding process will work including criteria for potential bidders".
He said: "I am delighted that after months of hard negotiations we have secured a significant pot of money to help projects really motor and we now have the means to nurture developments, increase work and leisure opportunities and make futures bright.
"It is vital we address the historic neglect of the outer boroughs that preceded this mayoralty and this is one of the ways we can start delivering growth."