A new campaign wants €350 million to be allocated to these counties from the €1.2 billion pot of European Cohesion Funds.
The move has been backed by Chambers of commerce, Small and Medium Enterprises (SMEs) and regional leaders, with the money due to come on stream from 2021 to 2027.
Northern and Western Regional Assembly chief executive, David Minton says it would help boost struggling local economies.
"The region has been reclassified by the European Commission from a developed category to a region in transition. The reason behind that is because there has been poor economy performance over the last 15 years.
"The campaign is requesting a sustained focus on the western part of Ireland and the border region, focusing in on our key urban areas, like Galway, Letterkenny, Sligo and Athlone, and our key towns and villages across the region."