Both Mr McReynolds and Mr Donnelly welcomed the decision, and it has been reported that the project will proceed in stages.
Mr McReynolds said: "Every single life lost on our roads is a tragedy. With the obscene and unacceptable level of loss we’ve witnessed on the A5 in particular, this announcement can't come a minute too soon.
"It's incredibly welcome that progress will finally be made in upgrading the A5. I’ve been working closely with Road Safe NI on the issue, and I hope to discuss the specifics of this further at the first ever meeting of the All-Party Group on Road Safety this Friday.
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"Road safety is an issue that concerns every single one of us. What we now need to do is work together as an Assembly and Executive to ensure the works start and finish promptly in an effort to improve our road infrastructure, reduce collisions, and ultimately, save lives."
Cllr Donnelly said: "After having witnessed tragedy after tragedy rock our community, and seen the impact felt by family after family left bereaved as a result of road safety issues on the A5, this announcement couldn’t come soon enough.
"Progress has been needed for a long time now, and this represents taking the first crucial step towards preventing further injury and loss of life on our roads.
"My thoughts today are with every family personally impacted, and with local campaigners who have worked tirelessly to keep the A5 on the agenda. This development is testament to their hard work and dedication."
