Stormont’s Finance Minister Caoimhe Archibald said the UK government money would fund “cutting edge projects” that would allow the region to compete globally.
The Stormont executive’s contribution, she added, would fund infrastructure, tourism and regeneration projects.
Ms Archibald called the signing a “momentous milestone” and said it was an “excellent start” to redressing regional imbalance in the north west; something that would act as a catalyst “for further opportunities and investments”.
Foyle MP, outgoing Social Democratic and Labour Party leader Colum Eastwood, said the deal turned the page “on a story of underinvestment in our city that has lasted for decades”.
“The city deal won’t transform things overnight but it can, and it must, be a jump start for investment in people, skills, good jobs and better opportunities,” he said.
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