Environment Minister, John Gormley said the funding would help update old and burst mains over the courser of the next three years.
The severe cold snap across Ireland over the past month has served to highlight the problems with the country's water infrastructure, with some residents in Clare and Dublin still without a normal supply.
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Mr Gormley said it was unacceptable that over half of the water supplies in some counties are lost before it even reaches the tap. He also said the investment aims to make up for "decades of under-investment".
However, the Minister did make it clear that the programme is not made up of new money, but a "re-prioritisation" of the existing budget.
Mr Gormley also said he would soon reveal proposals on the installation of water meters across Ireland. He said charging for water was essential to ensure the country has a fair water system that works and remains sustainable in the long-term.
(Ns/BMcC)
