Mr Conway said: "I am delighted that this funding has been made available for the capital development plan of the University.
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"It is a major investment in third level education and is great news for the Midwest region as more than 700 construction jobs will be created over the lifetime of the project, with 290 full-time high value positions.
"The new facilities, which will include state-of-the-art sports facilities and a new clinical education research building, will lead, not just to the creation of jobs in the region, but will ultimately provide enhanced education and sporting facilities which will benefit the wider community in the Midwest."
(CD/JP)
