Funding has been "ring-fenced" by the Minister for Higher Education, Simon Harris for Cavan Institute.
Minister for Rural and Community Development, Heather Humphreys, made the announcement on this afternoon's Wider View.
She said she was "pleased" with developments and highlighted how a new campus at Cavan Institute was now guaranteed.
The Minister also said the Department will now invite Cavan/Monaghan ETB to submit plans for the "flagship" project.
"I am just delighted to receive confirmation from Minister Simon Harris that funding has been specifically ring-fenced to deliver a major new state of the art education campus at Cavan Institute," the Minister continued.
"The money has been provided and it will be a multi-million euro investment.
"The Department will now be inviting Cavan/Monaghan ETB to submit plans for this flagship project.
Cavan Institute along with Dunboyne Institute is the first big investment by Government in college education."
