The Community Trust of Southland and the Central Lakes Trust have each provided a $1 million grant towards the development of the 110km Queenstown Trail.
Trails Trust chief executive Mandy Kennedy said the grants were crucial.
Central Lakes Trust chief executive Paul Allison said it was only the 10th time in its history the trust had committed $1 million or more to a single project.
Community Trust of Southland chief executive John Prendergast said the Queenstown Trail was an excellent example of organisations working together to create an important community asset.
On Friday, representatives of both trusts inspected the trail by Kawarau Jet boat and by bicycle provided by Charge About Cycles, followed by lunch at Amisfield Winery.
Those businesses have also supported the trust.
The trust has raised more than $7.5 million over 10 years.
Late last month, organisers of the Queenstown International Marathon presented the trust with a cheque for almost $28,000 for future trail maintenance and development.
