The programme, which opens for applications on 9 September, aims to increase visitor numbers and spend in the local economy, as well as raise the international profile of Northern Ireland.
It offers two funding streams to event organisers for events taking place in Northern Ireland from 1 April 2014 until 31 March 2015.
The first is the International Tourism Events Fund, which supports major events over one to three years that attract a high level of international visitors and international media coverage.
The second, the Tourism Events Sponsorship Scheme, will support national events that contribute to a specific geographical area of Northern Ireland.
Susie McCullough, director of business support and events at NITB, said: "Events are a very important driver in developing Northern Ireland’s tourism industry. They attract tourists, spectators and event participants as well as extend the season, increase spend and lengthen the time visitors stay.
"This year, after consultation with industry and partners, we have made significant changes to the programme, including a simplified and streamlined application process.
"Events will benefit from greater flexibility and there will be more opportunities for new events to apply."
NITB will host a series of roadshows in Belfast, Portrush, Londonderry, Enniskillen and Newcastle in September to provide full details on the new scheme.
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