The Sinn Fein MLA said it would support the operational running of the airport while the Department for the Economy prepares to take over that responsibility from next April.
Economy Minister Conor Murphy said earlier this week his department intended to assume responsibility for the running costs from 1 April 2025.
Mr O’Dowd said the airport was a critical infrastructure asset in the north west region and was fundamental to business and tourism in the area.
The airport is owned by Derry City and Strabane District Council (DCSDC) and costs ratepayers £3.45m to help pay operational costs.
“The confirmation of funding for this financial year will allow the airport to continue to operate while the Department for the Economy makes longer term plans for the future sustainability of the airport,” Mr O’Dowd said.
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