The North's First and Deputy First Ministers have secured about £940 million worth of funding following negotiations with EU officials.
Mr David Trimble and Mr Seamus Mallon, along with SDLP Finance Minister Mr Mark Durkan, met representatives from the European Parliament yesterday.
Mr Trimble said the funding would encourage economic development, urban and rural regeneration and peace and reconciliation work.
He added that Northern Ireland was unlikely to receive the same amount of funding again because with the expansion of the EU, funds would be targeted at regions of southern and eastern Europe.
"It is highly unlikely that there will be such a significant tranche of European money coming to us again right after 2006.
"So therefore we have to say to all those community-based projects that have been working in terms of European support, and hope to continue working with the additional support, that this is not an endless supply."
Two initiatives have been launched in the North to make cycling more accessible and attractive to the public.
The chief executive of the Department for Regional Development's roads service, Mr Colin James, yesterday launched the Northern Ireland Cycling Strategy and also specific targets which aim to double the number of trips made by bicycle.