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NI Water told Down District Council the funding relates to a number of schemes that are already underway or planned to commence within this financial year.
The work includes a new £8m Wastewater Treatment Works for Downpatrick, a new £2m Wastewater Treatment Works for Strangford, and sewer network improvements in Downpatrick.
Chris Mellor, NI Water's Chairman and Chief Executive, said: "This level of investment in County Down is part of our commitment to bring water and wastewater services in Northern Ireland up to the highest possible standard, both in terms of quality and cost.
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"I am confident that over the next few years this investment will bring tremendous sustainable benefits to households, local industry, businesses and tourism."
William Duddy, Director of Billing and Development said: "There is an urgent need to address the issues arising from the legacy of under-investment to enable us to match or exceed performance levels of similar UK water companies by 2015.
"For a number of reasons, money that should have been spent on water and sewerage down the years was not. NI Water is now addressing this issue in a fundamental way that will produce real benefits for our customers in the future," he added.
(PR/JM)
