The Irish government approved more than EUR70m (PS60m), for cross-border initiatives, including the restoration of the Ulster Canal.
The money will be used to fund the Shared Island Fund.
It comes after a EUR50m allocation by the Irish government to this fund in 2021.
Taoiseach, an Irish prime minister, said that the funding would bring together communities from both north and south to focus on common strategic priorities.
Five all-island projects are being funded, including EUR15m for an electric vehicle charging infrastructure, EUR7.4m for arts investment projects, and EUR40m for Phase 3 of the Ulster Canal Restoration.
The canal project will see the canal restored from County Fermanagh to the south and extended further west from Clones, County Monaghan.
It will feature new road bridges, a marina, and restored heritage architecture.
Three of the four sections of this phase can now be advanced:
The Ulster Canal passes through the counties of Fermanagh, Tyrone, and Armagh in Northern Ireland and County Monaghan, in the Republic of Ireland.
In 1931, the last boat to sail on the waterway was a yacht.
The project to charge electric cars will be available at all-island sports clubs and centres.
There will be up to 90 fast EV charging points installed in sports areas on both sides.
Martin stated that "Working through all island partnerships, we will deliver tangible results and provide new opportunities to people from all communities on this island," Martin said.
"The government is committed to this agenda in order to build a more connected and sustainable island that will be prosperous for all.