The money for the next five years has been invested following a scheduled review (Gateway Review).
The combined authority - which was created through a devolution deal in 2017 - is responsible for transport and adult education across the county, while it also has funding for affordable housing and infrastructure projects.
One of its high profile schemes is the delivery of Peterborough’s new university - ARU Peterborough.
In a letter to the Mayor of Cambridgeshire and Peterborough Dr Nik Johnson local government minister Luke Hall wrote: “While we are pleased that your officers have worked with my officials to strengthen the authority’s governance and transparency arrangements, the Gateway Review did highlight the need to continue to improve local partnership working.
“We are pleased to see that improving cooperation and collaboration is one of your priorities as mayor.”
The letter added: “We also expect the combined authority’s programmes to continue to demonstrate positive outcomes and that future funding will continue to support greater investment opportunities and local priorities and boost the wider economic growth in our country, particularly as we move forward out of the Covid-19 restrictions.”
Mayor Johnson said: “This news comes at a pivotal time. I am delighted at the certainty this gives us to continue investing in our programmes over the coming years.
“My ambition is to redouble our efforts to ensure that what we do means something to people and communities and that it is essential and enduring.
“I want to thank the combined authority team and our partners for getting us here, for their hard work that goes into delivering our projects that allow us to demonstrate a positive and successful organisation.
“This is only achieved through co-operation and team work. I will work with them as we embed compassion within our work, cooperation with those we work with and all so that what we can benefit the communities we serve.”