€500 million is to be invested in five cities, including Waterford.
The Ireland Strategic Investment Fund, or ISIF, has announced the funding for Waterford, Cork, Galway, Limerick, and Kilkenny.
This money will be targeted in a number of different ways for each of the counties.
It will be used to create new places to work, places to live, and enable investments that will result in the regeneration of the city centres.
The initiative is a key piece of ISIF's new investment strategy, which includes scaling up start-up businesses to enable them to reach the 1 billion euro "unicorn" valuation within five years.
They also intend to fund the delivery of 25,000 new homes by 2030.
ISIF is part of the National Treasury Management Agency and has a responsibility for economic development.
The €500 million investment for Waterford and the four other cities will mark a significant step-up in the Fund's regional investments.
