Local enterprise partnerships (LEPs) would then be encouraged to bid for a share of it.
Solent Local Enterprise Partnership (LEP) has promised an action plan to mitigate the impact of the closure.
The Greater Cambridge Greater Peterborough Local Enterprise Partnership (GCGPLEP) said it was a "firm commitment" to the scheme.
Mr Ferguson is working with the local enterprise partnership to advance the project.
He said the local enterprise network could be abolished with alternative economic development offices set up in council buildings.
New Anglia Local Enterprise Partnership chairman Andy Wood said the new road would contribute to economic growth in Great Yarmouth.
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The chairman of the West of England Local Enterprise Partnership said he was confident that the development would go ahead.
Geraldine Boardman is chief executive of Trafford Business Venture, a local enterprise agency in Manchester, which helps people start businesses.
The North East Local Enterprise Partnership (LEP) has agreed to the funding days after Durham County Council pledged the same amount.
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Herefordshire Council, Herefordshire Business Board and the new Marches Local Enterprise Partnership (LEP) said they hope it will create 6, 500 jobs.
The government said it will give councils stronger incentives to cut fraud, promote local enterprise and get people back into work.
His study, published in October, recommended devolving the allocation of central funds from government to regions via Local Enterprise Partnerships (LEP).
The funding for road improvements is intended to remove bottlenecks and boost the economy by improving access to local enterprise zones.
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Earlier, seven high-tech firms pledged to help reshape Hong Kong into a high-tech hub including Motorola, Nortel, 3M and local enterprise VTech.
The Greater Birmingham and Solihull Local Enterprise Partnership (LEP) said it wants spending powers to be devolved to regions, giving them more power.
Local enterprise partnership Tees Valley Unlimited (TVU) is one of 20 areas bidding for powers, including the right to spend local tax receipts.
Sir Peter Rigby has been asked to be the chair of Coventry and Warwickshire Local Enterprise Partnership (LEP), a fellow board member has said.
However, Tim Jones, of the South West Local Enterprise Partnership, said it was still "a very disappointing and sad day for many, many people".
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It said such a task force should include Network Rail, train operators, local authorities, local enterprise partnerships and key stakeholders representing business and users.
Denys Shortt, founder of DCS Europe plc and lately chair at Coventry and Warwickshire Local Enterprise Partnership, for services to the economy in the West Midlands.
His report - No Stone Unturned - was published last November and it advocated using Local Enterprise Partnerships to decide the allocation of central funding to projects.
Lord Adonis' report More and Better Jobs: North East International was commissioned by the North East local enterprise partnership, comprising representatives from councils between Northumberland and Durham.
The committee will probe his ideas on localism, economic growth, industrial strategy, Local Enterprise Partnerships and the Regional Growth Fund - building blocks for a Plan B?
Denys Shortt, founder of DCS Europe plc and now chair of the Coventry and Warwickshire Local Enterprise Partnership, for services to the economy in the West Midlands.
The Local Enterprise Partnership and G First want to see the hotspots resolved at Ashchurch, J10 of the M5, and the Air Balloon roundabout on the A417.
Neil McLean of Leeds City Region, a local enterprise partnership, said the improved connectivity would be a "transformational shot in the arm to the economic fortunes of the North".
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His LEP also bid successfully for the city centre to be designated a Local Enterprise Zone, benefiting from streamlined planning regulations, improved broadband access and other incentives for business start ups.
The power and the budgets would be administered "locally" by the 39 business-led Local Enterprise Partnerships (LEPs) set up as a "more efficient" replacement for RDAs by the incoming coalition government.
Chairman of Gloucestershire Local Enterprise Partnership's Logistics Sector Group, Mark Ryan said the benefits that improving the junction would bring to the county as a whole is "far in excess" of the cost.
But this research also shows that other factors, such as government economic policies, local enterprise, the efficiency of public administration and the amount of foreign direct investment are just as important in raising economic performance.
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