Minister of State for Overseas Development Michael Kitt announced the funding at the international donors' conference for the Palestinian state in Paris last week.
"In the context of political agreement, the Government of Ireland pledges additional assistance of €40 million for Palestinian recovery, reconstruction and development," Mr Kitt said.
"This will include significant support for the Palestinian Authority as it builds the institutions of democratic statehood, encourages sustainable economic development and provides vital social services to the Palestinian people, prioritising the poorest sections of society."
The Minister said an initial pledge of €3 million would be provided to support programmes with the Palestinian Authority.
He noted that Ireland's assistance had already increased by 70 per cent since 2005 and had totalled €7.5 million in 2007.
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