European Union leaders meeting in Brussels have agreed a new budget for the EU, after a day and night of negotiations.
The deal will see a reduction in Britain's controversial rebate. Some of this money will go to new member states.
The Taoiseach, Bertie Ahern, hailed the agreement as a collective success in the best spirit of the EU.
Under the deal the budget from 2007-2013 will amount to €862.3 billion or 1.045% of the gross national income of all 25 member states.
Ireland's transfers will amount to €14 billion over the seven-year period through the Common Agriculture Policy, rural development and structural funds.
Ireland will also receive an extra €500 million in rural development funds from that proposed at the end of the Luxembourg Presidency in June.
Speaking to journalists after the agreement, Mr Ahern said Irish farmers should be very happy with the deal since the CAP would not be reopened until at least 2014.
He estimated that Ireland would not become a net contributor to the EU until 2011 or 2012.
Mr Ahern paid tribute to the British Prime Minister, Tony Blair, for what he described as having the political courage to move from his earlier position and secure an agreement.
The deal will see Britain's controversial rebate fall by €10.5 billion over the budget round as part of a permanent mechanism to allow some of the rebate money go instead to new member states.
There will be a review of the CAP in 2008/9, but any changes recommended would not be implemented until 2014.
The French President, Jacques Chirac, also agreed to a review of all spending, including farm payments, in 2008.
