Half of the money raised from the sale of the National Lottery Licence is to be used to fund a number of building projects.

More than €400 million is set to be generated from the sale of the licence, with €200 million of that ear-marked for the construction of the National Children's Hospital.

Minister for Public Expenditure and Reform Brendan Howlin said the remaining amount would be used to fund projects that would "support local economic activity and job creation".

These include the building of a new National Indoor Training Arena and the National Sports Campus, the development of an events centre in Co Cork and a number of 1916 commemoration projects.

The money will also be used to fund road maintenance and repair works, a new round of sports capital grants, a better energy programme and housing modifications for people with disabilities and the elderly.

Mr Howlin said he hoped to be able to announce further capital investments in 2014 following from the further sale of State assets, along with the classification of the State's investment in Irish Water.