The funding for the scheme was secured in the recent 2016/17 NI Executive budget as part of an investment in key infrastructural projects, which will also see the upgrade of the A5.
Sinn Féin's Declan Kearney welcomed the announcement.
He said: "Not only is this a major investment which will help the economies of areas along the route and reduce journey times between Belfast and the north west, it will also provide a much-needed boost to our construction industry.
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"Sinn Féin have been campaigning for the upgrade of the A6 for many years and this announcement is a further step forward towards the full completion of the project."
SDLP East Derry MLA John Dallat said the announcement has been a "long time coming".
He said: "In the Budget money was indeed set aside for seven flagship projects, this being one, but only £100,000 and only in year one. The money for years two to five was projected – there is no evidence of where it will come from. It's estimated it'll cost between £120m and £140m for complete the A6 project alone. Prior to the 2011 Assembly elections billboards were erected by others who claimed the money for the A5 and the A6 had been secured. People in Derry and the north west have waited too long for this road to be upgraded – they should not be sold a pup now in the mouth of another election.
"It is also worth questioning the reasoning behind starting the work in Randalstown when you could argue more would benefit from an improved road at the other end of the route. It's being billed as great news for the north west but this plan means work will start closer to Belfast than Derry."
(CD/LM)
