With a population of 285,689, Belfast is Northern Ireland’s largest administrative, retail and commercial centre and plays a strategic role in the region’s economic and social development. The city’s growth was initially based on commerce and its port function followed by the development of textiles, shipbuilding and engineering. Following the decline of these heavy industries, the city is restructuring its economy towards service sector and knowledge based industries. The EU has made a significant contribution to the peace process by funding the PEACE programmes. Between 1995-2013 there were 3 PEACE programmes, with a financial contribution of €1.3bn. PEACE IV programme 2014-2020 has a total value of €270m.