A deal to invest several hundred million pounds into Derry and the wider northwest has been signed in the city this morning.
The £300m investment looked to be in jeopardy just days ago after the UK government announced it was pausing its £105m share of the fund.
But the decision was quickly rescinded after intense lobbying by politicians.
Northern Secretary Hilary Benn took to X to announce that the signing would take place today as originally planned.
He attended today's event.
A third of the £300m will be spent on regeneration of Strabane town centre providing new health facilities, a leisure centre, a new footbridge and a further education college.
The rest of the money will be spent in Derry.
It will be used to build a new maritime museum, spent on innovation projects at the Ulster University campus in the city and help fund a new medical school.
Money will also be spent on a new riverfront park near the city's Guildhall.
The money comes in the form of a so-called city deal.
It is a parcel of long-term funding half provided by the UK Treasury and half by the Northern Ireland Executive, topped up with cash from councils and private investors.
It is estimated that it could create 6,300 jobs in the region.
The UK government announced last Friday that it was pausing its commitment to four city deals in Northern Ireland, including Derry.
It said the decision has been made due to the requirement for a spending review prompted by a multi-billion pound hole in UK public finances it had been left by the Tories.
It later confirmed that the Derry and Belfast deals were safe. Two others remain in question.
Michelle O'Neill said the decision to pause the funding had been "ill-judged and shouldn't have happened".
She said she and the other Stormont ministers attending the Derry deal launch would continue to put pressure on for the reinstatement of funding for the two remaining city deals cover large rural areas in the east and west of Northern Ireland.
The leaders of the five main parties in Northern Ireland have written to Mr Benn urging him to reinstate all the money which had been promised.
City deals are viewed as economic drivers, bringing jobs and tourism to the areas where the money is spent.
Derry and the northwest historically has been one of the most deprived areas in Northern Ireland.
It is hoped the city deal can lever additional private investment that can unlock its full potential.
