The Canadian government recently announced that it will be sending $704 million to Alberta for infrastructure spending.
The money was designated for the province through the Building Canada Fund in 2014 but was never dispersed, reported CBC News.
The province is expected to see the funds in the next few months, and they may be used to support the $34 billion capital projects plan that the Alberta government announced last fall. The $704 million accorded to Alberta comes from a larger $13.1 billion earmarked for a national infrastructure plan, according to the National Post. Prime Minister Justin Trudeau said that he hopes to hasten dispersal of the money to other provinces as well.
“The federal government is committed to fast-track infrastructure investments for Alberta and, indeed, all provinces and territories,” said Trudeau. “This will help promote jobs and growth where they are needed most.
The federal government is also likely to grant $250 million that was requested for the province through the fiscal stabilization fund, reported CBC News. The Alberta government hopes that the funds will help offset the impact of low oil prices on its economy and workforce.
The province lost 25,000 jobs in the oil services sector and 10,000 jobs from exploration and production in 2015, stated the news source. The oil and gas sector experienced the most job losses of any sector in the province, according to Alberta Innovation and Advanced Education.