On Tuesday, federal cabinet ministers announced plans to provide $372.5 million in funding to Bombardier over the course of the next four years, reported The Toronto Sun.
The interest-free loans will be dispersed between the Global 7000 business aircraft program and the CSeries aircraft project. According to Innovation Minister Navdeep Bains, the funding will also help to ensure the employment of thousands of people.
Among those preserved jobs will include people working in the technology sector in Ontario and Quebec, locations where the two projects will be assembled and completed.
“The investment I’m announcing today is the right solution for the time and in terms of innovation, jobs and long-term competitiveness for the company,” said Bains.
Currently, research and development in the Canadian aerospace sector accounts for $28 billion of economic activity within the manufacturing industry, according to a joint press release from the Government of Canada and Bombardier. Moreover, the aerospace industry employs 210,000 Canadians.
The newly announced federal funding will not only help to keep and create jobs within the industry, but also strengthen existing programs so that Canada can continue to compete on a global scale.