Canadian government is going to invest an additional $50 million over the next three years to assist the struggling shipbuilding industry to win contracts. In making the recent announcement on the Halifax waterfront, Foreign Affairs Minister Peter MacKay says the fund will support an existing federal program.
Through the program, ship buyers can receive a lower interest rate on the loans they use to finance the purchase of Canadian-built vessels. MacKay says the system has helped Canadian shipyards to capture new business in the past. He also noted the government is proceeding with plans to spend $3 billion on ships, including new coast guard and navy vessels.