The details of the five-year programme will be announced in the upcoming National Bus Strategy, to be published later this year at the Comprehensive Spending Review.
Funding will be spent on higher frequency services, including evenings and weekends and 4,000 zero-emission buses.
Civils contractors can look forward to delivering new bus priority schemes to make will routes more efficient.
Cycle routes will also see a major boost across the country with over 250 miles of new, separated cycle routes and safe junctions in towns and cities to be constructed across England.
Dozens of new ‘Mini-Holland’ schemes will be taken forward to transform town centres across the country to make them safer to get around.
Boris Johnson said: “Local transport connections have a truly transformative role to play in levelling up infrastructure across the country.
“That’s why improving connectivity by overhauling bus services and making cycling easier than ever is such an important step forward, to make sure every community has the foundations it needs to thrive.”