The majority of the money to host the Commonwealth Games will be coming directly from government, according to mayor Andy Street, who said it would mean a "huge government pay into the region".
The games are set to cost £750m, making it the most expensive event since London 2012.
Mr Street said remaining funds would come "from a number of sources", but admitted "we don't know the final budget yet".
"We will see dramatic regeneration" of the city, with both the extended Alexander stadium and the athlete's village located in the Perry Barr area of the city," he said.
"The economic case for this is overwhelming", Mr Street said, with "new transport being provided as well as new construction jobs.
"But we will have to raise some additional new cash".