NI Education Minister Caitríona Ruane has given approval to the £3.6 million project for Whitehouse Primary School.
The Newtownabbey facility was destroyed following an arson attack in July 2009.
While plans for a new school were already advanced, reductions in the Department of Education's capital budget led to a review of all capital projects to ensure the available resources are used to secure the best outcomes for children and maximum value for the taxpayer.
Minister Ruane said today: "Since the fire, everyone has worked to progress this project as quickly as possible.
"My capital budget has been cut this year and last October I announced a review of capital projects to ensure these are viable in the long term.
"I have now considered the findings of the review and it is clear that Whitehouse is sustainable and deserves high priority.
"I am today authorising the North Eastern Education and Library Board to sign the contract for the new school. This should enable work to begin in a few weeks. The new school should be completed by the autumn of next year and I look forward to attending the opening."
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She continued: "While there has been great concern expressed about the delay in approving this project, as Minister I have to make the right decisions, not only on Whitehouse, but on the competing projects."
Commenting, the newly re-elected East Antrim MP Sammy Wilson welcomed the news: "I am pleased that the pressure that was put on the Minister has borne fruit.
"Obviously had this decision been delayed any further the cost to rebuild would have escalated.
"It is a pity that it has required political, public and financial pressure to be put on the Minister before she did the right and sensible thing but I welcome her response.
"I know that for many parents in the East Antrim constituency they will see this as a victory for common sense in education," he concluded.
The SDLP's East Antrim Representative Justin McCamphill has also welcomed the decision to finally make funding available for the rebuilding of Whitehouse Primary School.
"While I welcome today's U-turn, it is deeply regrettable that the pupils of Whitehouse have spent this school year in temporary and ill-equipped facilities.
"The very fact that the Minister's party colleague John O'Dowd was heckled on the steps of Stormont speaks to the strength of feeling surrounding this issue.
"We were originally told that the needs of these pupils would have to be judged in relation to other priorities.
"It would seem that only after a series of protests by both parents and pupils did Whitehouse become a true priority for the Minister," he said.
See: Arson-Hit School Rebuilding In Doubt
(NS/BMcC)
