Three aerospace companies receive financial government assistance
Pratt & Whitney Canada, Bell Textron Canada, and CAE are receiving financial assistance of up to $685 million from the Governments of Canada and Quebec.
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 $49 million from the Government of Canada and $20.5 million in loans from the Government of Quebec to Pratt & Whitney Canada to support a $163 million project that will generate $115 million in investments in Quebec and create over 115 jobs.
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.
CAE will receive up to $190 million from the Government of Canada and up to $150 million in loans from the Government of Quebec. The goal is to implement a global research and development program in digital technology, electric aviation, and health care over the next five years. In total, 700 jobs will be created in Canada, including 600 in Quebec.
“When we foster innovation in Canadian industries, we help them stay globally competitive, we create good middle-class jobs, and we fuel our green recovery. The aerospace industry is undergoing a profound transformation and is accelerating the green shift it embarked on over the past few decades, which will allow it to maintain its highly sought-after ecosystem of world-class talent. As we accelerate our transition to a clean–growth economy, the Government of Canada will continue to make smart, strategic investments that support job creation and help us build a cleaner future for all Canadians.” said Justin Trudeau, Prime Minister of Canada.
The PM also announced the launch of the Aerospace Regional Recovery Initiative through a federal investment of $250 million over three years.