The money is part of a €7.5 million package announced by the Department of Education yesterday.
The funding for the CIT will be used for equipment to support apprentices in the plumbing, electrical, motor, carpentry and machine shops trades.
There are currently 15,373 apprentices in training in Ireland, almost double the number there was in 2013.
The Department of Education said the funding will modernise the equipment available for craft apprentices.
Across the country, the funding will support the roll-out of new syllabi for apprenticeships in plumbing, carpentry, electrical, brickwork, motor painting and decorating, vehicle body repair, fitting, toolmaking and wood manufacturing and finishing.
It will enable the colleges to provide apprentices with training in the most up to date techniques, including sustainable and renewable technologies such as solar and wind energy and energy efficient construction methods and materials.
Ensuring that our young people and those retraining have access to cutting edge equipment and the latest thinking on sustainability is key to further developing this increasingly-popular option for training and progression," Minister for Education Joe McHugh said.
"There was an 80% increase in apprenticeship registrations between 2015 and 2018. This €7.5m funding will enable Institutes of Technology and TU Dublin to purchase new equipment and update their infrastructure.
“Apprenticeships offer fantastic opportunities and I would encourage any person looking at their career options, especially students preparing to sit exams this week, to strongly consider the many benefits of an apprenticeship.”
Minister of State Mary Mitchell O’Connor said the funding will ensure that apprenticeships have the best possible experience, keep pace with new methods and technologies in the workplace and are trained to the highest level possible.