The Executive has agreed to £40m of funding to support the Magherafelt bypass scheme.

The announcement was made by Finance Minister Sammy Wilson in the Assembly today.

The A31 bypass will comprise of 3km of single carriageway and extend from the Moneymore Road at its junction with Coolshinny Road in the south, to the A6 Castledawson Roundabout in the north.

Transport Minister Danny Kennedy said: "Today’s announcement will not only benefit the local economy but will also provide a significant boost to the construction industry creating around 200 jobs over the duration of the project which is vitally important in the current financial climate."

The Ulster Unionist Party’s Mid-Ulster representative Sandra Overend said: "It should also not go un-noticed that only two weeks ago in the Assembly the DUP and Sinn Fein voted against prioritising the Magherafelt bypass for capital –yet this week it has emerged as the capital priority for 2014/15.

"This is a development that has long been on the table, and one that I have lobbied the Minister on for a considerable time. My party colleague, Roads Minister Danny Kennedy MLA, is also committed to this scheme, and has been calling on his Executive colleague to find the funding for it."

Sinn Féin MLA Ian Milne added: "This bypass has been in the pipeline since the 1990’s so we have waited for this day for a long time.

"I have raised this issue with the Minister as did my predecessor Francie Molloy as we see this a major stimulant for the area.

"Not only will help alleviate traffic congestion including heavy lorries going through the town but it will also help stimulate the construction industry."

It is estimated that work could begin on site as early as September 2014.

(IT/CD)