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A £1.7m investment has been announced for a new arts and culture centre in the Fountain estate in Londonderry.

First Minister Arlene Foster and Deputy First Minister Michelle O'Neill made the announcement as part of the executive's Urban Villages initiative.

The plans will upgrade the existing New Gate Arts and Culture Centre and adjacent site into a "state-of-the-art shared performance space".

The refurbished centre will "breath new life" into the area, Mrs Foster said.

The Urban Villages initiative is designed to help areas develop where there has previously been a history of deprivation or community tension.

Speaking on Thursday, Mrs Foster said the arts has helped "bring people from different backgrounds and cultures together in shared experiences".

"The North West Cultural Partnership has used arts and creativity as a catalyst for change over the years.

"The investment will expand their ability and opportunity to facilitate more activities and training," the first minister said.

Ms O'Neill added: "The arts play a significant role in promoting peace building in our communities.

"Creating safe and inclusive spaces to develop an understanding of different cultures is key in building a shared future where everyone is respected."

In a tweet, SDLP MLA Sinead McLaughlin said this was a "great investment" for the area.

Mayor of Derry City and Strabane District Council Brian Tierney, said he was confident the centre would "become a significant arts and cultural venue across the north west region".

A leaflet information drop will be undertaken by the council to local residents and community groups, while plans for the upgrade will also be available on the Derry City and Strabane District Council website.