Three million euro in funding has been allocated to Shannon Foynes Port Company.
Foynes has passed the initial approval for their application for funding from the EU for a jetty enhancement project and rail feasibility study at the port.
Up to 100 jobs would be created locally through the construction of the 2.2 million euro jetty.
Ireland South MEP Deirdre Clune says the announcement reaffirms the port as a serious player in the European market.
Deputy Brendan Griffin has also welcomed the announcement.