The city contract, one of four in Northern Ireland, was under threat on Friday when it was revealed that money had been suspended by the UK government in anticipation of a review of expenditure.

Secretary of State Hilary Benn said on X on Saturday that he "looks forward to signing the financial terms of the Derry City and Strabane Deal - in the coming days," signalling that negotiations were once again underway.

The statement on Friday, according to Mr. Eastwood, was "a bungle" that "came out of the blue."

"This can't happen again; it's a mess that nobody has been able to get out of," the departing leader of the SDLP stated on BBC Radio Foyle's North West Today program.

He stated, "Right now, we are in the right place."

"The past ten or fifteen years haven't been easy, but we're here now. On Thursday, we may begin making purchases."

The financial settlement between Derry City and Strabane District Council was announced to be finalised "as planned on Wednesday."

According to the council, the decision was made as a result of "correspondence received from the secretary of state for Northern Ireland over the weekend."

A part of the anticipated proceeds from the Derry City and Strabane agreement have been designated to support the financing of the Derry medical school.

In addition, a DNA museum will be established in Derry as part of the £300 million contract, and a hub for innovation in robotics, smart manufacturing, and data analytics will be constructed.

City agreements are about £1.5 billion in financial packages for regeneration, of which around £600 million comes from central government.

The Belfast City region, Derry City and Strabane, the Mid South West region, and the Causeway Coast and Glens are the four regions in Northern Ireland covered by the agreements.