Think London, Visit London and Study London are to be brought together in a new single promotion agency for the capital launched by mayor Boris Johnson.

Promote London aims to ensure a more co-ordinated and strategic approach to promoting the city overseas and will receive a minimum of £14m a year over a four-year period. Dame Judith Mayhew, chair of the New West End Company and former chair of the Royal Opera House, has been appointed interim chair of the new agency.

Johnson said: "This agency will play a vital role in ensuring that we can continue to foster London's reputation across the globe as a fantastic place to live, work, study and visit. "With the London 2012 Games around the corner, it has never been more important for us to show the world exactly what our city has to offer."

Tourism Alliance chair Ken Robinson said: "It is essential to London (and, indeed, the UK as a whole) that there is a distinct and strong tourism marketing and development organisation for London." Tom Jenkins, executive director of the European Tour Operators Association, said it was a "severe cut" in funding for the capital's tourism promotion but welcomed the news.

"Any funding is welcome, and in this climate it is to be regarded as a reprieve: for a while we thought we may have no body representing the interests of the tourism industry."