John McGuinness is likely to be on a Honda again at the North West 200

"This is one of the key events in the local sporting calendar and I hope the money will help upgrade the paddock and attract even more top riders," he said.

It is believed the cash injection could amount to a six-figure sum.

This year's races will be held on Saturday 12 May, with practices on the preceding Tuesday and Thursday nights.

"It brings huge economic benefits to Northern Ireland and tourists from worldwide," added Mr Hain.

An all-star line-up has again been secured for the annual speed spectacular with last year's double winner and lap record holder Steve Plater, Michael Rutter, John McGuinness, Bruce Anstey and Ian Hutchinson all set to compete.

They will take on the best of local talent including Ryan Farquhar, Robert Dunlop and Adrian Archibald, as well as Republic of Ireland aces Martin Finnegan and Raymond Porter.

The race programme remains unchanged with seven races on the card, two Superbike events, two Supersport races, a Superstock, a 250cc and a 125cc/400cc race.

Roads will close at 10.00am on race day and at 5.00pm on each of the practice evenings.

"The Coleraine and District Motor Club invested heavily in major upgrades to the course, paddock and trade village areas in 2006.

"The changes to the course this year will be slight but we're continuously looking at the course to ensure it is as safe as possible," said clerk of the course Mervyn Whyte.