The Border, Midlands and Western regions of Ireland are to receive €2.51 million in innovative actions funds from the European Regional Development Fund.
Of the total, the EU will contribute €2 million, with contributions of €0.34 million in private funding, and a further €0.17 million from private individuals.
The aim of the programme is to foster innovation in the regions involving enterprises, public education and other services.
Mr Michel Barnier, member of the European Commission responsible for regional policy, also announced the approval of 23 other regional programmes of innovative actions across the EU, which will benefit from €57 million in EU funding.
"Through the regional programmes of innovative actions we aim to improve the quality of the mainstream programmes of the regional development fund in regions which are lagging behind or suffering from structural change," Mr Barnier said.
"I am convinced that these programmes will strengthen the capacity of innovation in these regions and contribute positively to their development strategies".