The Northern Ireland Executive is to provide up to £7m to help the struggling City of Derry Airport.
In a joint statement the First and Deputy First Ministers said the funding would help secure the future of the facility.
The announcement comes after the airport's main carrier, low budget airline Ryanair, said it was axing flights to London and cutting the number of services to Liverpool.
First Minister Arlene Foster said: "This £7 million package ensures the airport remains a key gateway to the north west for business and leisure travel."
The airport, which is owned by Derry and Strabane District Council, is currently operating at a loss of £2.145 million a year.
The Executive's financial package includes £2.5 million for route development support and a £4.5 million contribution for capital investment.
Martin McGuinness, a native of the city, said: "Connectivity is a prerequisite for economic development, which made this £7 million investment in the City of Derry Airport vital.
"This £7 million package will enable the City of Derry Airport to invest in route development and capital projects which will create high-value jobs and training opportunities. I have been actively engaged in discussions with the City of Derry Airport and the local council for a number of weeks.
"With Ryanair's withdrawal, having another airline in place is vital for our economic development and I am pleased discussions are at an advanced stage.
"I am confident this financial backing will enable the airport to not only function but flourish and serve all the people of the north west and further afield."