The pool will be the first 50-metre facility in Northern Ireland
Northern Ireland's Gold Coast is to house a new facility for possible future gold medallists.
Sports Minister Nelson McCausland said plans for Bangor to have an Olympic sized swimming pool had been finalised.
With £15m from the government, NI's first 50-metre swimming pool is slated for completion in 2012.
"As a regional centre of excellence, it will be a state-of-the-art facility to be enjoyed by all the people of Northern Ireland," Mr McCausland said.
He said the project would go a long way towards addressing Northern Ireland's need for world class sporting facilities and "deliver a sporting infrastructure previously unavailable".
The pool will be part of a new leisure complex being developed by North Down Borough Council.