The London Development Agency is to provide £4 million to the Bankside Urban Forest - a programme of works to improve public space in the Bankside area from the riverside to the Elephant & Castle.
"The project will make safe and attractive routes from the riverside to public transport links and draw some of the 12 million people who visit the riverside each year into the wider Bankside area.
"London's Great Outdoors programme is creating a network of attractive public spaces across the capital," says Boris Johnson, Mayor of London.
"This important project will open up long overlooked areas of historical interest and create better access for residents and visitors alike."
The Bankside Urban Forest will play a prominent part in the London Festival of Architecture this summer, with lots of events taking place around Bankside during the first weekend of July.
"Well designed public spaces can define an entire area," says Peter Bishop, deputy chief executive of the London Development Agency.
"These changes in Bankside will open up the area and spread the regeneration centred around Tate Modern – creating a Great Space that is an attractive place to live, visit and invest in."