16-Jul-2021 Source: Canadian Government
The Government of Quebec and the Government of Canada are providing financial assistance of up to $685 million to companies Pratt & Whitney Canada, Bell Textron Canada, and CAE.
The Prime Minister of Canada, the Rt. Hon. Justin Trudeau, the Premier of Quebec, François Legault, the Minister of Innovation, Science and Industry, the Hon. François-Philippe Champagne, the Minister of Economic Development and Official Languages, the Hon. Mélanie Joly, and Quebec’s Minister of Finance and Minister of Economy and Innovation, Eric Girard, made the announcement yesterday.
The funding will support projects totalling $2 billion in investments in Canada, including close to $1.6 billion in Quebec. It will also create more than 1,000 jobs in the Quebec aerospace industry, and co-op placements for more than 6,200 students. This financial support is being provided as follows: $245.5 million from the Government of Quebec’s Economic Development Fund through Investissement Québec, and $439.8 million from the Government of Canada through the Strategic Innovation Fund.
Up to $200 million in federal funding for Bell Textron Canada to support their Viridis project, which aims to develop and commercialize environmentally friendly aviation technology. The provincial government will provide $75 million in loans to support the project.
This joint investment is valued at $825 million between Bell, Pratt & Whitney and CAE. It could create up to 320 jobs, and co-op placements for a total of 350 students.
The Prime Minister also announced the launch of the Aerospace Regional Recovery Initiative (ARRI) through a federal investment of $250 million over three years. Introduced in Budget 2021, this new initiative will help Canada’s aerospace industry prepare for the post-pandemic economic recovery and remain globally competitive by providing funding to small and medium-sized businesses and organizations in the sector to help them become cleaner, more innovative, and more productive. The ARRI will prioritize projects that promote inclusivity and diversity in human resource processes, improve the sector’s resilience and competitiveness, and contribute to the transition to greener and more environmentally sustainable products and practices.