Mr Tennyson said: “I am delighted that the next stage of the Mid South West Growth Deal has been approved with the signing of the Heads of Terms.

"Undoubtedly, this deal will be an incredibly positive opportunity for the entire area it covers and will create huge economic potential with new jobs and increased productivity, whilst also helping Northern Ireland reach its climate targets by reducing carbon emissions.

“It was unfortunate that this deal was placed in jeopardy a few weeks ago by the misguided pause placed on Growth deals by the UK Treasury. My Alliance Party colleagues and I were persistent in our lobbying for the Chancellor to secure this funding and I am extremely glad that this pause was lifted during her Autumn Budget ensuring £126m of UK Government money will be provided.

“I look forward to continue engaging with all partners of the Mid South West Growth Deal and to seeing the projects develop over the coming months and years ahead.”