Half of the money, £12m, will be used to help young people make better transitions from primary school to secondary school and onto higher education, including universities, degree apprenticeships and other technical education options.
The north east had the lowest number of 18-year-olds attending top universities in England in 2017. It also has one of the highest proportions of young people not in education, employment or training (Neet) aged over 11 years old.
The government will use the remaining £12m to improve the quality of teaching in the area, particularly in secondary schools that are performing worse than in other areas of England.
The funding is part of the £42m Teacher Development Premium, launched in December 2018, which sees teachers in underperforming schools receive up to £1,000 for extra training to encourage them to remain in their jobs.
The Opportunity North East scheme will also aim to stimulate job opportunities through local enterprise partnerships and local businesses.