The Barclays Spaces For Sports scheme is the biggest injection of cash into grassroots sports in Britain.
The deal with sports charity The Football Foundation and environmental trust Groundwork will ensure thousands of young people will benefit from modern sports facilities in more than 100 communities.
Gary Hoffman, a board director at Barclays, said: "We believe sport can have a huge impact upon society in terms of health and positive social values. With a project of this size we are going to make a genuine impact on the state of grassroots sport across the UK."
Barclays is planning an advertising campaign to support the initiative in September, when details of the scheme, including the application programme, will be announced officially.
The bank was announced as the FA Premier League's title sponsor last October. The deal -- the UK's biggest single sponsorship -- will cost the bank £19m a year and will run until the end of the 2006-2007 season.
Barclays receives title sponsorship of the FA Premier League with worldwide marketing rights, extensive UK and international TV programme credits and branding.
It will also benefit from extensive advertising on perimeter boards, interview backdrops and match programmes plus a significant amount of tickets and hospitality.
Barclays most recent "fluent in finance" ad campaign was created by Bartle Bogle Hegarty. Donald Sutherland plays a wise old man who grows money on trees while Gary Oldman portrays a cynical character.
BBH recently unveiled a campaign for Barclaycard in June. The work stars Jennifer Aniston and is designed to appeal to women consumers.
It is not confirmed whether BBH will take on Barclays' sports campaign.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .