Government of Canada provides additional funding to invest in trade corridor projects
BRAMPTON, ON, July 13, 2021 /CNW/ – The Government of Canada is committed to strengthening Canada’s trade corridors, which helps to grow our economy, ensure its recovery, as well as create good middle class jobs. Today, the Minister of Transport, the Honourable Omar Alghabra, announced that the National Trade Corridors Fund has officially received additional funding of £1.9 billion and that projects can now be financed. Applications are now being accepted and assessed under the fund’s continuous call for proposals.
The fund ensures that Canada’s transportation system is well-positioned to attract further private-sector investment; reduce barriers to trade; help businesses grow, create jobs, and remain competitive through the pandemic recovery period. In addition, the fund builds long-term resilience, and addresses urgent transportation needs in the Arctic and Northern regions by ensuring that at least 15 percent of the renewed funding is strictly dedicated to this region.
Transport Canada delivers the National Trade Corridors Fund, which supports improvements to Canada’s roads, rail, air and marine shipping routes to foster domestic and international trade.
“As Canada emerges from the pandemic, it’s important that we support projects that will create well-paying middle class jobs. By funding investments in our roads, rail, air and marine shipping routes, we’re building Canada back better while increasing our competitiveness globally.” The Honourable Omar Alghabra
Minister of Transport
“In Ontario, the National Trade Corridors Fund has had a tremendous impact in expanding, improving, and modernizing our trade corridors. That has resulted in tangible benefits which help our ports, airports, roads, and our borders. With Brampton and the GTA being such a strong economic driver for Canada, this National Trade Corridors Fund can be a huge benefit in our region.”
Member of Parliament for Brampton East
Budget 2021 is providing an additional £1.9 billion for the National Trade Corridors Fund for strategic transportation investments across Canada.
This new funding will build on the £1.9 billion committed to date for 89 projects nationally through the National Trade Corridors Fund.
With private and public sector partners joining the federal government with their own contributions, these projects represent £3.9 billion worth of investments.
Applicants who wish to explore funding opportunities for their initiatives are encouraged to speak with Transport Canada officials, who can provide guidance on the process.
The National Trade Corridors Fund is a merit-based program that helps infrastructure owners and users invest in the critical assets that support economic activity in Canada. It represents a long-term commitment by the Government of Canada to work with stakeholders on strategic infrastructure projects.
The National Trade Corridors Fund is one component of the £180 billion “Investing in Canada Plan,” the Government of Canada’s strategy for addressing long-term infrastructure needs in Canada.
The quality of Canada’s transportation infrastructure and the efficiency of the country’s trade corridors are key to the success of Canadian companies in the global marketplace.
In Ontario, 10 projects across the province have received £66 million in funding since 2017. With partner contributions, this has brought £139 million of total investments for ports, airports, roads, and border fluidity.
SOURCE Transport Canada
View original content: http://www.newswire.ca/en/releases/archive/July2021/13/c9212.html
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