Province Invests in Shipbuilding
Nova Scotia committed up to $304 million in loans as part of Irving Shipbuilding's successful bid for the $25 billion federal combat vessel shipbuilding program, Premier Darrell Dexter revealed March 30.
It is the single largest investment in jobs and growing the economy in Nova Scotia's history - to strengthen the competitiveness of Irving Shipbuilding's bid to build Canada's next fleet of combat ships. It represents six per cent of the tax revenue the province expects to receive in return.
"I, the entire province, and indeed people from across Canada, have stood behind Irving's bid from day one, knowing that the best ships in the world start right here," said Premier Dexter. "This is the single most important opportunity Nova Scotia has ever seen to create jobs and propel our economy into the future. This is a vital project for Nova Scotia and for Canada."
To strengthen Irving's bid, the province committed to a financial assistance package that includes a forgiveable capital loan worth up to $260 million, and a repayable marine industry loan worth $44 million for human resource development, technology and industrial development. The province also committed to loan guarantees, if needed, as the contracts are finalized.
Read more at novascotia.ca