Intractable ethnopolitical conflicts emanate from the social, political, cultural, and economic marginalization of some community groups. To address these conflicts, the affected groups are often provided with life changing opportunities to enhance justice, equality, dignity and freedom. In the past, Northern Ireland has been a turbulent sea of violent conflict between Unionists and Nationalists. To address the underlying root causes of the conflict, economic aid through the International Fund for Ireland (IFI) and the European Union (EU) Peace II Fund is aimed at facilitating sustainable peacebuilding, reconciliation and community development. In this study, 95 community group leaders, civil servants, and community development officers in Derry, Belfast and the Border Area were interviewed to explore their perceptions about the impact of economic aid in terms of fairness of the application criteria, awareness of both funds, trust building and sustainability. The findings inform future conflict transformation interventions geared towards sustainable peacebuilding, reconciliation and community development in Northern Ireland.