Councillors of the Executive Committee met on 2 June to discuss the deal and agreed the investment.
The proposal includes an infrastructure fund which will invest in transport, housing, economic regeneration, energy and digital connectivity.
Fife Council has provided a £275,000 to help move plans forward.
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Council leader David Ross said: "This is an important step towards securing the City Deal.
"Fife is delighted to be working with the five other local authorities to progress plans.
"Being part of a City Region Deal could unlock millions of pounds of investment for Fife and lead to vital infrastructure improvements."
Glasgow is also set to benefit from the deal.
Approximately £400 million projects specific to the city have been outlined, including improvements to the public realm along with street and pavement resurfacing.
Vacant and derelict sites will also be investigated into their developmental potential for employment and housing.
The next steps include discussions with HM Treasury, the Cabinet Office and Scottish Government on potential projects to be taken forward.
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