£5m for Monmouthshire and Brecon Canal pumping station
A new Task and Finish Group will also be established to explore long-term solutions for the canal's sustainability.
Peter Fox, MS for Monmouth, has been a consistent advocate for the canal, raising the issue in the Senedd and engaging with residents, businesses, and campaign groups.
He said: "I agree with the Deputy First Minister there is no easy solution, but this is certainly progress.
"I have been calling on the Welsh Government for months to step in and support this vital waterway, so I am very pleased to see they have listened to us.
"I would like to thank Cllr Jan Butler and all the campaigners for their efforts in recent weeks in bringing this to the forefront of the Welsh Government's attention."
Mr Fox recently joined campaigners on the steps of Cardiff Bay, urging government action.
Deputy First Minister Huw Irranca-Davies has instructed officials to engage with Welsh Water as a priority, though he cautioned that the situation remains complex.
Mr Fox said: "It is action like this that makes a difference and has allowed me to show the strength of feeling on the issue.
"Whilst this stop-gap solution is welcome, the benefits for the canal will not be seen until the works are done, and a long-term solution is found.
"I will continue working until both of these things are a reality."
The Task and Finish Group will now begin work to identify practical and lasting solutions for the future of the canal, which faces ongoing operational and environmental challenges.
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