British Waterways (BW) is to embark on a £20m redevelopment programme to revitalise East London's canal network.

As part of the scheme, BW hopes to use the waterways to carry goods for the London Olympics site to alleviate pressures on the capital's road network.

Funded by BW, the Department of Transport, London Thames Gateway Development Corporation, the Olympic Delivery Authority (ODA) and Transport for London, the scheme will also see the first new lock being built in London for nearly 20 years.

The new Prescott Lock will re-establish full navigation on the Bow Back Rivers and includes a tidal lock, footbridge, lock control building and fish pass.

The lock will open up rivers in the area for the movement of materials by water, providing access for barges carrying construction traffic and recyclables between Stratford and the Thames.

According to Hugh Sumner, ODA's director of transport, the scheme's long-term benefits will allow new opportunities for leisure boats, water taxis, trip boats and floating restaurants to access the canals, creating a major boating destination in the area.

He said: "The lock will play a critical role in the transportation of materials to the Olympic site, but will also allow work to move on the regeneration of the towpaths to provide a beautiful backdrop for the hundreds of spectators that will travel to the park by water in the summer of 2012."

Construction of the new lock is being managed by British Waterways and undertaken by design and build contractors Volker Stevin, with a supporting team including Tony Gee & Partners, Bennett Associates, Clague Architects and Weetwood Environmental Engineering.