The planned investment is expected to deliver an additional 8,200 homes and 7,900 new jobs and attract up to £1.8 billion in private sector investment.
The corporation said the cash will provide new infrastructure and improve local services for the area.
It added that it was working closely with partners to ensure the local community felt the benefits of the 2012 Games and the Olympic Park.
Corporation chairman Lorraine Baldry said: “This investment in the London Thames Gateway demonstrates our continued commitment and that of Government to make significant changes to the quality of life in east London.”
The announcement comes as the Government also rubber stamped plans to build a high-tech container port at London Gateway, which includes Europe’s largest logistics park.
Over £1.5 billion is being privately invested by London Gateway’s owners, DP World and the project is currently the largest capital investment initiative in the UK. Construction work will begin later this year on the 750 ha site near Stanford-le-Hope in Essex.
London Gateway chief executive Simon Moore said: "This is an historic day for the shipping industry and the economy as a whole. We will be the UK’s first major port for more than 25 years.”
The London Gateway port will combine with Europe’s largest logistics park, offering 9.5 million sq ft for distribution, manufacturing and high-tech sectors. The logistics park will offer individual units in excess of 1 million sq ft. It is expected to provide round 12,000 jobs.