The town will be awarded the funding - which equates to approximately £2million per year for the next 10 years - later in 2024 as part of the UK Government's Long Term Plan for Towns initiative.
At a meeting of the Council's Infrastructure, Regeneration and Economic Development committee, approval was given for Liz Connolly, Principal of West College Scotland to be appointed as Chairperson with a Town Board to be established.
The committee also approved the delegation of authority to the Chief Officer of Regulatory and Regeneration to begin procurement of services to help the Council along with the Town Board to develop and deliver the Long Term Plan and Investment Plan.
West Dunbartonshire Council will work closely with the Town Board to develop plans for use of the endowment-style funding, taking long-term action to enhance the town in a place-centred approach.
The funding will be unlocked through the development of a Long Term Plan later this year, subject to approval from the UK Government's Department of Levelling Up, Housing and Communities.
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West Dunbartonshire Council has already received £50,000 to cover the upfront costs of setting up a Town Board and a further £200,000 is set to be received in April to support the development of the Long Term Plan along with related administration and management costs.
The plan is set to build on the the Clydebank Town Centre Development Framework which was approved in 2021 and includes a 15-year vision for transformation of the town centre into a vibrant and attractive place. With the endorsement of the Town Board, the framework can form the basis of the Long Term Plan and the three-year Investment Plan.
Councillor David McBride, Convener of Infrastructure, Regeneration and Economic Development, said: "This is an important first step in this project which is set to transform Clydebank.
"It is vital that local people have a say and therefore I am delighted that the Town Board and chair can now be appointed so that the views and interests of the residents on Clydebank are at the very heart of how this £20million investment is used.
"It is right that decisions like these should be made by people who care about the area; people who know the challenges faced and have the knowledge of the town in order to make meaningful change."
Councillor Lawrence O'Neill, Vice Convener of Infrastructure, Regeneration and Economic Development, added: "I am so pleased for the people of Clydebank who will see the benefit of this funding for generations to come and this milestone marks the start of this exciting chapter for a town rich in history.
"The appointment of a truly local and representative Town Board means the decisions will fit with local concerns and priorities."
Liz Connolly, newly-appointed Town Board Chair said: "It is a privilege to be chosen to lead this important steering group to ensure that Clydebank prospers through this investment.
"I look forward to working with the members of the Board and others to drive projects forward for the benefit of the whole community."
