More than €400m is being made available for regeneration projects in Cork City and county.
The package includes more than €300m to redevelop Cork's Docklands, to pave the way for the construction of thousands of homes there, as well as public parks, leisure and cultural facilities.
The funding was announced by Taoiseach Micheál Martin in Cork this morning.
More than €350m is to be made available to Cork City Council to develop the project.
Other areas to benefit include the Grand Parade in Cork city centre, where a new, 7,700sq.m library will be built.
A regeneration project in Mallow will receive almost €5m in funding and almost €1m will be spent in the Passage West, Carrigaline and Ringaskiddy areas in Cork Harbour.
Making the announcement, Mr Martin said: "This significant investment of over €400m we are announcing today is a game changer for Cork and positions the city for major growth over the next decades.
"It's all about making Cork City and County even better places in which to work, live, visit and invest.
"The Cork City Docklands Project investment of €353m will transform the recreational, residential and commercial areas, and prime the docklands for significant follow up private sector development."
The announcement has been welcomed by Cork City Council.
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Its Chief Executive Ann Doherty said: "The Cork City Docklands is the biggest regeneration project in this country and is in many ways a case study in sustainable compact living and working.
"Here we are creating a new quarter that is built for the future: a place where people want to live, work and play because of its job opportunities, community, green spaces and reliable public transport.
"To make our vision a reality, Cork City Council will be working with a range of partners to deliver services such as schools, health services, community and cultural facilities," she added.
Minister for Foreign Affairs Simon Coveney said today's announcements is proof that funding is being made available to counterbalance Dublin and the east coast and keep Cork as the fastest growing part of Ireland.
"Cork has done extraordinarily well here," Minister Coveney said.
"I want to congratulate everyone who stepped up their ambition for this round of funding.
"Cork has seen off some really visionary projects elsewhere in the country, because the applications that were submitted at the start of last year were ambitious, professional and unbeatable."
