The Tánaiste Eamon Gilmore has welcomed the Economic Package for Northern Ireland announced by British Prime Minister David Cameron and First Minister Peter Robinson and deputy First Minister Martin McGuiness in London today. 

Part of the deal is a €£20m fund for research and innovation to focus on the aerospace industry.

The Stormont executive will also be offered significant tracts of disused British army land to build cross-community school projects.

The Tánaiste said it represents a strong commitment by the British Government in support of the work of the Northern Ireland Executive.

He said President ObamaÂ’s visit to Belfast on Monday will lend considerable momentum to the work ahead of building a cohesive, shared and prosperous society in Northern Ireland.