Minister for Foreign Affairs Micheál Martin announced the grant for the landmark project, which will see the state-of-the-art centre being built in Manhattan.
According to Minister Martin, the funding was in response to the City of New York offering a site valued at US$12m for the project, along with a further US$8m in capital funding.
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The facility will promote Irish-related cultural, business and community programmes, while also showcasing contemporary Irish theatre and art.
It will also act as a valuable resource for the Irish emigrant community in the US, Minister Martin said.
"The allocation of such significant funding is a clear demonstration of the Government’s strong commitment to the building of the new Irish Arts Centre in New York," he said.
Minister Martin went on to thank New York City Mayor Michael Bloomberg, Speaker of the New York City Council, Christine Quinn and Irish actor Gabriel Byrne for their support for the Arts Centre.
(NS/BMcC)
