The funding boost will see the revitalisation of 87 commercial properties in the Spencer Road and Carlisle Road areas of the city.
Said the Foyle MLA: “This investment is good news for the city and will be a welcome contribution to the local retail and hospitality sector.
“This will be of great importance as our town centres enter a period of economic recovery.
“The £1.4 million funding will provide external maintenance and enhancements to shop frontages along the Spencer Road and Carlisle Road.
“As thoroughfares into the city centre, any improvements to the shop facades along this route is good news for local business.
“This revitalisation scheme will provide much needed support for the local business community and assist in not only in the rebuilding of our city centre post-Covid but also the long-term viability of the local economy.”