King's Lynn is said to already be benefitting from investment in the town after securing £25m in June.
The historic town was allocated the government's Towns Deal funding after representatives made the case for King's Lynn earlier this year.
It is hoped the money will regenerate the area and help it build back stronger and better following the pandemic.
North West Norfolk MP James Wild, who was among those making the bid as part of the Towns Fund board, said the funding will boost skills, improve the town centre and develop Lynn's Shakespearean links and heritage, with the latter something he was particularly "excited" to achieve.
"The Guildhall is the only theatre in the world that can claim he performed there," he said.
He said the deal recognises that levelling up is as important for Norfolk as it is for the north.
Mr Wild added: "As part of Lynn’s Town Investment Plan, we have secured approval in principle for ambitious projects including a new youth and retraining skills pledge, improvements to the town centre and public spaces, a new multi-user community hub akin to the Forum, a restored St George’s Guildhall complex and creative hub, a business innovation and collaboration incubator, better transport connectivity including cycling and walking, and regeneration of the historic riverfront."
The MP also aims to make more of the town's riverfront, with the focus now on "turning the plans into reality".
The board will be meeting to prioritise the projects this month (July) and the business cases will then be developed over the next year.
Mr Wild said: "The Towns Fund is already making a difference to King’s Lynn.
"Building work for the new School of Nursing Studies at the College of West Anglia, in collaboration with QEH, is underway with the first nursing apprentices set to be recruited early next year.
"This new facility will help kickstart skilled training opportunities for local people.
"Combined with deals for Norwich and Great Yarmouth, £70 million of investment is coming to Norfolk from just this scheme alone.
"Along with match funding and private sector investment, this investment will help boost skills, regeneration, connectivity, and back growing businesses."
What Mr Wild hopes to achieve as MP for the town:
- More investment in Queen Elizabeth Hospital
- Make King’s Lynn an even better place to live, work and visit
- Better mobile and full fibre broadband coverage
- Improved rail services and road infrastructure
- Encourage tourism
- Protect the countryside and coast line
- End rough-sleeping
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