SDLP Leader Colum Eastwood has said he is delighted that Philip Hammond has invited a bid for the Derry City Deal.
The Chancellor for the Exchequer issued the invitation during a visit to Derry on Wednesday.
The MLA for Foyle said: “The SDLP has led this campaign for a City Deal for Derry, in particular former Foyle MP Mark Durkan who identified and campaigned for it in the face of inertia by our local Executive.
“Therefore, we are delighted to see it progress to the next step to see the bid come to fruition.
“The benefits stemming from a substantial economic intervention in the North West cannot be overstated. Both Derry and Strabane have waited a long time to receive the investment it deserves to reach its full potential.
“A city deal for Derry will go a long way to progressing our rail networks, building new road infrastructure, developing the Ulster University Magee Campus and increasing the overall productivity of the North West.
“The SDLP will engage with all local partners across the community to ensure the bid is accepted by the Treasury and investment is made in the correct place,” added the SDLP leader.