The Department of Finance approved the Executive Office business case for the development of modern, high quality, high specification, Grade A office accommodation.
The new 62,000 sq ft office which the Executive Office is backing by investing up to £5 million will be developed above the existing underground car park on Ebrington on what is already established as a landmark site for the City.
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First Minister Arlene Foster said: "This is a great opportunity for the Northern Ireland Executive to provide practical support for the business community and the North West. Developing high specification office space on a key site in Londonderry will allow potential investors to now consider the North West as a viable option. We want to create more and better jobs for the people of Northern Ireland and we must ensure the correct infrastructure is in place."
The deputy First Minister, Martin McGuinness said: "This new Grade 'A' office space which could cater for up to 500 people will enable the Ebrington site to become an economic hub for job creation and economic generation.
"The new premium office space will not only create and sustain jobs in the construction phase but is an incentive for potential investors to locate here."
(CD)
