BELFAST City Council has secured the funding for a major extension of the Waterfront Hall.
It is seen as a concerted effort to turn around the building from losing £1 million a year to a profit-making venue for ratepayers.
The project will cost £29.5m: the council is putting up £11m, the European Regional Development Fund is giving £14.5m and the remaining £4m will come from the tourist board.
Work on the scheme is expected to begin by the summer creating up to 400 construction jobs.
Work on the extension is expected to be completed by December 2015.
The extension will house a conference and exhibition centre and banqueting facilities.
The new centre will allow the Waterfront to compete for larger conferences.
Tourism Minister Arlene Foster said: “This will be important for the Waterfront Hall in attracting new business and tourists to Belfast offering a new array of services to business people and visitors to Belfast.”