The green light has been given to the first step towards the restoration of waterways around the Olympic Park as British Waterways announced the go-ahead for a new lock and water control structure on Prescott Channel in Bow.

The lock is funded by British Waterways, the Department for Transport, London Thames Gateway Development Corporation, the Olympic Delivery Authority (ODA) and Transport for London and will reinstate an historic structure which previously existed at this location and maintained the water upstream at a navigable depth.

Following a tender process, they appointed engineers Volker Stevin to carry out the work, due for completion in summer 2008. A British Waterways spokesman said: "I think this is one of the first Olympic infrastructure programmes that's going to get off the ground."

Crucially, the new lock will enable large river barges to access the area by water, helping to take hundreds of lorry journeys a week from local roads and save thousands of tonnes of CO2.

The new structure is part of an £18.9m project that comprises twin water control gates and a 62m x 8m tidal lock, providing access for 350-tonne barges. The lock will open up the waterways in the area and help the ODA meet its aspiration to transport 50% of construction materials by sustainable means.

In the longer term, it will provide access for barges carrying construction traffic and recyclables between Stratford and the Thames, and create new opportunities for leisure boats, water taxis, trip boats and floating restaurants.