Government of Canada announces a contribution of USD283m to Bombardier Inc.

Canada's Government announced (07-Feb-2017) CAD372.5 million (USD283.4 million) in repayable contributions to Bombardier Inc. Canada's Minister of Innovation, Science and Economic Development Navdeep Bains said the contributions are aimed to foster Canadian innovation and strengthen the aerospace sector, which provides more than CAD28 billion (USD21.3 billion) annually in GDP to Canada's economy. This funding, which will be provided over four year, will fund research and development for the new Global 7000 business jet and ongoing activities related to the development of the C Series aircraft. Minister Bains said, "This contribution...will also ensure that Canada has a strong, stable and competitive aerospace industry, which is a major driver of economic activity and innovation across the country". [more - original PR]