The National Asset Management Agency (NAMA) are set to make €5 million available to a monument project being planned for Moore Street in Dublin.

The agreement in principle was confirmed this afternoon by the Minister for Arts, Heritage and the Gaeltacht Jimmy Deenihan to the Moore Street Advisory Committee.

The investment will fund the development of a National Museum and Commemorative Centre to celebrate the historical significance of 14 to 17 Moore Street.

NAMA currently have possession of lands, which include the Moore Street Monument.

Dublin City Councillor - and Advisory Committee member - Mary Fitzpatrick said "I whole-heartedly welcome this news and I call for the government to commit to providing any further funding that may be required to ensure that these buildings are developed to a world-class standard and are open in time for the centenary of the 1916 rising".

The buildings of 14 to 17 Moore Street were the last meeting place and headquarters of the provisional government, which was set up during 1916. The buildings are widely reported to be the site of the final surrender of the 1916 rebels.

A report from the Moore Street Advisory Committee says "Moore Street and its environs were sites of great significance during the final days of the 1916 Easter Rising".

It cites the evacuation from the GPO, the tunnelling between the houses and the decision to surrender - taken in Number 16 Moore Street - as just some of the events which have given the area its "status as the birthplace of the Republic".