Louth County Council have been given the go ahead to seek a loan of €2 million to help the Narrow Water Bridge project get off the ground.
The proposed bridge, which would link Omeath with Warrenpoint, looked set to proceed earlier this year when it received the backing of governments north and south of the border.
However, despite a sizeable EU grant being drawn down of €17.4 million, Louth County Council were forced to put the project on hold in July due to a substantial funding shortfall.
Tenders received by the council at the time ranged from €26m to €40m plus VAT.
Hopes are high that the project can still proceed though, with the council seeking a loan to proceed with the construction with an unnamed philanthropist set to make up any shortfall.