The fund will continue the improvement work after repair and rebuilding work is completed and contracts will be awaded to as many local businesses as possible.
The Mayor said: “We have always recognised the importance of improving London’s town centres and clearly after the destruction caused by the recent events across the city this is a bigger challenge than ever.
“That is why I am allocating £50 million to ensure that these areas are regenerated quickly and transformed into safe, attractive, vibrant and economically successful places to live, work and invest in.”