The £97 million Titanic Signature Project received good news this week when Belfast City Council agreed to contribute £10 million to the scheme.

The council agreed to commit the funding towards the project to be built in the Titanic Quarter in the city at this month's council meeting on Monday, October 3.

And the Executive has now finalised its financial commitment to the £97m project, according to the government department leading the project.

East Belfast councillor Robin Newton gave the news a warm welcome.

“I absolutely welcome the Titanic signature project as it is one of five major tourism projects in Northern Ireland,” said Councillor Newton.

"I am especially delighted it is located in east Belfast but the potential of project has European and American dimensions and will attract people from all over the world."

A spokesman for the Department for Enterprise, Trade and Investment (DETI) said the Executive agreed to go ahead with its £43.5m contribution after legal issues were resolved.

All the funders of the project were embroiled in the fine detail of a legal agreement on the funding, development and operation of the project.

Titanic Quarter Limited, owned by Dublin-based Harcourt Developments, has already started work at the site.

The DETI spokeswoman said: "At its meeting on October 1, the Executive agreed to proceed with its commitment to part-fund the Titanic Signature Project.

"Titanic Quarter Limited, the private sector partner in the project, as a signal of its commitment, had at its own risk and pending final Executive approval authorised work to begin on-site some time ago.

"This has ensured that the building remains on course for completion by April 2012."

The signature project would provide a major boost for the local construction industry and is expected to attract 400,000 tourists every year.