The new structure has been described as the most significant infrastructure project in Derry city for almost 40 years.
Announcing planning approval for the scheme, Stormont Environment Minister Edwin Poots said the new bridge was particularly significant for the local ailing construction sector.
He said the structure, funded by the Special EU Programmes Body, was due for completion in December 2010.
"The bridge will open up opportunities for development at Ebrington and be another major landmark in this historic city," said Minister Poots.
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The bridge will link the Walled City Conservation Area to the historic Ebrington site, which includes the Star Fort Schedule monument and a complex of listed buildings around the Parade Ground.
Designed by Wilkinson Eyre Architects, the structure will span the River Foyle between the Guildhall to the Parade ground in the former Ebrington Barracks.
The project is the first step in a major regeneration programme for the Ebrington site.
Mr Poots commented on how efficiently the application was processed.
"In this case the applicant and their agents engaged in very productive discussions with the Planning Service and a range of Statutory Agencies, prior to the application being submitted on 27 August helping to expedite the application to completion in less than three months."
Ilex Chief Executive, Aideen McGinley said now planning permission was in place works could start on the site in the coming weeks.
The bridge will be built by Graham (Dromore), one of Northern Ireland’s largest engineering contractors, who have built some of the most iconic bridges on this island including the Foyle Bridge, which opened in 1984.
(PR/BMcc)
