Kieran McCarthy MLA said: “This is fantastic news that approval has been given for a new Children’s Hospital.
“This has been a long running saga, so I am pleased that this project has been given the go ahead after so many delays.
“The current facilities are not adequate for the 21st century. I hope that with such a large amount of funding, this new hospital will become a world leader for the provision of health services for children.
“Such a large investment is not just good news for our health service, but it will also be a boost to our local economy and in particular the construction sector.”