The Scottish Enterprise will invest over £33m to match the amount committed by Dundee City Council.
The £70m partnership project aims to transform the Tayside economy by creating a new central business district which will secure existing and attract new high value service sector jobs.
The business district will also help to transform the image and perception of the city, making it easier to attract and keep the highly skilled people required to grow the life sciences, games, financial services sectors and universities in the region.
The project is expected to create at least 1,000 jobs over 10 years, generate more than £500 million GVA for Scotland's economy and generate an additional £270m of private sector investment in the project. Work will begin in the next few weeks.
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In Dundee today Finance and Sustainable Growth Secretary John Swinney said: "This is a significant investment in a major project that will bring massive economic benefits both for Dundee and the wider Scottish economy.
"The project will generate work, create jobs and keep the local economy moving - crucial in the current economic climate. It will play a crucial part in the Scottish Government's economic recovery programme - designed to help businesses and households through the current difficulties."
Swinney said the project will deliver a lasting legacy for future generations.
Jim McFarlane, Managing Director Operations of Scottish Enterprise, said the project offers the opportunity to accelerate the restructuring of the Tayside economy. Creating a high quality business district at the Waterfront will help support the growth of indigenous business and attract new inward investors to the city.
"In the current economic climate this investment is a statement of confidence in the opportunities in this region and will help to boost its existing world class strengths in industries such as financial services, life sciences and digital media," he said.
"The overall effect of the Dundee Waterfront project will be to reinvent Dundee as an ideal destination to live, work, visit and invest in, allowing the city to attract and retain a highly skilled workforce which is essential to the region's company base and universities."
(GK/JM)
