The analysis will be conducted next year.
Mr Dempsey said the Metro North linking Swords to St Stephens Green "will get its usual appraisal, value for money, cost benefit analysis and if it meets those, it will go ahead."
Despite this, bidders for the project said the scheme would go ahead as planned, as far as they were concerned.
The planning of the project has already totalled £33m, with planning permission sought by the RPA.
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According to media reports, any announcement on the successful bidder will not be made until after next month.
Report have also suggested the government wants to send out the message that the project would go ahead, so bidders submit competitive prices.
Following the initial selection process, a price will be negotiated between the bidder and RPA. This is expected to run into next year.
Minister Dempsey said the tendering process for the Metro scheme should be finished by February next year.
Despite the positive message for Metro, Transport 21, previously brought forward by the Roads Department, faces uncertainty due to the ongoing squeeze on public finances.
"The NDP and Transport 21 was a good idea when it was put in place. It's still a good idea and it will be an even better idea in three or four years' time when we move out of recession," said Mr Dempsey.
The Minister did however confirm planning for projects would go ahead, although "start-up dates in some cases may be deferred."
(PR)
