The Republic's Minister for Health and Children, Mary Harney said this week that the project will proceed on the basis that payment will be made at the end of the construction phase.
This is a different way of funding as it involves the construction company financing the development up to the final phase of construction.
The method previously envisaged for the project would have involved staged payments throughout the construction period.
The Minister said: "I am very pleased that an innovative way has been found to deliver this project. As I stated recently, in the current challenging environment we need to find new solutions and this is one of them.
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"This project has always been a priority and never ceased to be so. I want to see it progressing now with urgency."
The Cystic Fibrosis Association of Ireland (CFAI) has cautiously welcomed the Minister's announcement, however it is urging that the work begin "sooner rather than later".
In a statement the CFAI said: "This commitment is so important as Ireland has the highest prevalence of Cystic Fibrosis in the World and we have the most severe types of Cystic Fibrosis (CF) in the World.
"Despite this, Ireland have the poorest resources for CF Patients in Europe.
"We would also ask the Minister, the Department of Health or the HSE to clarify the situation regarding the six interim beds that were promised as a stop gap until the new facilities were operational.
"Some 14 were promised last March, eight came on line in August and we are still waiting on the remaining six.
"We want our young people living with CF not to fear going into hospital which this unit will achieve for the 300 patients attending St Vincent's, but we would ask that the Minister looks to speeding up the work, not delaying it, as the sooner we have the facilities the more young people's lives will be saved."
(CD/BMcC)
