New York Pension Funds has announced a major investment package of up to $150m in the Northern Ireland economy.
The move is said to be unprecedented and represents the largest public investment from the USA to date in Northern Ireland.
It was announced in New York by the city's Comptroller William Thompson, who administers the pension funds.
The Northern Ireland First Minister, Dr Ian Paisley and Deputy First Minister Martin McGuinness were in Manhattan for the announcement.
Sinn Féin President Gerry Adams welcomed Mr Thompson's commitment that the investment would be used to promote sustainable development, and equality of opportunity.
It is understood a special company will be set up with headquarters in Belfast to administer the development fund.
The move comes a few weeks ahead of an international investment conference in Northern Ireland, which a number of leading US business people are expected to attend.
