Local authorities will receive the funding this financial year under the new Slower Speeds for Safer Streets initiative.
'This additional money is a boost to local authorities to help them make a start on implementing slower speed initiatives in areas around schools, libraries, leisure centres, hospitals as well as residential neighbourhoods.'
The minister added: 'I am looking to local authorities to come up with innovative schemes which will result in a reduction of speed limits in communities that are most vulnerable. This is just the start to the campaign for making Wales a safer place to live and work.
'In January I will be announcing a Road Safety Strategy for Wales which will be supported by further road safety grant allocations to local authorities.'
Albert Road School was chosen as the venue of the launch because the Vale of Glamorgan council has recently created a 20-mph zone around the school, funded by road safety grant support from the Welsh Assembly Government.