Bombardier Aerospace is investing half a billion pounds in Northern Ireland, which will sustain over 800 jobs.
A total of £519.4m will be used to design and manufacture wings for their 110 to 130 seat C-Series aircraft at the Shorts factory in east Belfast.
It is the largest single investment in Northern Ireland by any company.
Northern Ireland First Minister Peter Robinson said: "I don't believe this would have happened if it hadn't been for devolution."
He added: "I just know, without giving away too many of the commercial issues involved, that this simply would not have happened if there had not been devolved institutions in Northern Ireland."
Mr Robinson said he and Deputy First Minister Martin McGuinness had been working on the deal "almost on a daily basis for these past months".
The government has also agreed to provide £52m to the project at Bombardier's east Belfast plant as part of a wider £155m government investment package in the Canadian firm.Mr McGuinness said: "The investment will also see the development of state of the art technology as well as developing the manufacturing and engineering skills of our workforce that will benefit our economy for years to come."
Economy Minister Arlene Foster said: "Undoubtedly, the expertise in advanced design and innovative composite materials which Bombardier has developed in Belfast has been instrumental to today's decision."
Northern Ireland Secretary Shaun Woodward said the decision was proof that "devolution is winning for Northern Ireland".
Announcing the investment on the eve of the Farnborough air show, Bombardier said greener fuel-efficient technology used in the C-Series would "revolutionise" the 100 to 149 seater market.
The long-running project was dropped two years ago, but the Canadian aerospace firm resurrected it last year amid amid rising fuel costs globally.
Lufthansa has provisionally ordered 30 planes with an option for 30 more.
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