One of four city deals in Northern Ireland, Derry and Strabane, was restored a few days after news broke on Friday that the UK government had stopped financing in anticipation of a review of expenditure.
The £300 million package includes proposals to renovate Strabane town centre, construct an innovation and data analytics facility, and open a new museum in Derry.
According to Benn, it would boost the area's digital capabilities and promote long-term, steady economic growth.
✍️ Secretary of State for Northern Ireland @hilarybennmp has signed the financial deal for the Derry-Londonderry and Strabane City Region City Deal.
— Northern Ireland Office (@NIOgov) September 18, 2024
Backed by £105m from the UK Government, the deal will deliver transformational innovation and digital projects. @dcsdcouncil pic.twitter.com/fiCLzFAhfc
"This deal is going to support many initiatives and create many new opportunities; it is an honour to be signing it on behalf of the UK government," Benn said during a speech in Derry's Guildhall.
He praised the "unwavering effort and commitment" that had made the transaction possible.
Around 6,000 jobs might be created, according to the agreement signed on Wednesday by the Derry City and Strabane District Council.
City agreements are about £1.5 billion in financial packages for regeneration, of which around £600 million comes from central government.
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