The city council will use VXFIBER Open Access platform to support full-fibre broadband connectivity across the city.
Under the scheme, SMBs will get vouchers worth up to £3000 while residents can get vouchers worth £500 to avail faster broadband connectivity.
Funding is part of the £190m initiative to roll out fast and reliable broadband to more homes and businesses.
UK Environment Secretary says funds allocated for EU will be instead used for boosting broadband and mobile connectivity in rural areas to help farmers prosper.
The aim is to allow every home and business to have access to superfast broadband by 2021.
The move could see over 900,000 extra homes and businesses gain access to superfast speeds by the end of 2017.
Full fibre broadband offering one gigabits per second will be trialled in six locations across the UK, the Government has announced.
At 16.51Mbps, the UK lags behind 19 European countries, 17 of them in the EU, but comes ahead of 158 other countries including Italy, France, Ireland and Monaco.
BT has made an offer to provide a high standard of Broadband across 99% of the UK by 2022. The proposal aims to ensure households across the UK have a minimum broadband speed of 10 megabits per second.
At the Connected Britain conference in London, the digital minister said the earlier announced measures for broadband and mobile networking policy are still high on the agenda.