Transport minister Baroness Kramer released funding for the new transport hub, expected to support two business parks and 600 new homes.
Now main works can start this month with completion of the scheme in November next year.
New slip roads and a second bridge will replace existing side roads at the hub site, which could serve the Broadlands business parks.
Balfour will also enlarge the Postwick Park and Ride site next to the junction.
The Department for Transport is putting up £19m of the overall £244m cost.