There will be a one-off regeneration fund of £20 million for Derry.
A similar amount will used to regenerate Coleraine.
The money for Derry and Coleraine comes from the UK government’s Towns Fund.
Typically money from that fund is earmarked to be spent over a decade and involves the establishment of a “Town Board” made up of local authorities, the local MP and other community leaders.
However, it is not clear what structure will be used in Northern Ireland.
The regeneration funds were announced during Chancellor Jeremy Hunt’s Autumn Budget in the House of Commons today.
The British government has also allocated £2m to be spent on “global investment and trade opportunities for Northern Ireland”.
An additional £100 million will be made available for spending by Stormont departments as a result of the Budget.
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