Speaking at umbrella body the Convention of Scottish Local Authorities conference, cities strategy minister Nicola Sturgeon said that the Cities Investment Fund had been designed to accelerate the pace of investment in Scottish cities.
She said that the fund could be used to develop programmes that would attract outside funding from either the private sector or European funding programmes.
The fund will be available to the newly-created Scottish Cities Alliance, an economic partnership comprising the councils of Edinburgh, Glasgow, Dundee, Inverness, Aberdeen and Stirling, according to the Scottish Government.
Sturgeon said: "We want to see cities working together, building on their combined strengths to develop strong investment propositions at a scale that will be attractive to potential investors."
Further information about the fund can be found here.