Today, The Government of Canada announced more than $1.6 billion to support jobs and workers in Canada’s oil and gas sector to seeks to support workers and their families, foster competitiveness and improve the long-term environmental performance of the oil and gas sector.
Canada wants to diversify export markets for its resources beyond the United States. Investments from the National Trade Corridor’s Fund are also available for projects that address bottlenecks in the freight rail system to support the efficiency and fluidity of transportation of all commodities.
This support includes:
- $1 billion in commercial financial support from Export Development Canada to be made available to exporters of all sizes to assist companies looking to invest in innovative technologies, address working capital needs or explore new markets.
- A new $500-million Energy Diversification commercial financing envelope over three years from the Business Development Bank of Canada to help higher-risk but viable oil and gas small business enterprises weather the current market uncertainty. These commercial loans can be used to help companies:
- increase operational and environmental efficiency
- purchase new technology and equipment, or
- expand into new markets.
- A $50-million investment through Natural Resources Canada’s Clean Growth Program in oil and gas projects that will generate investment of $890 million. These projects will use new technologies to reduce energy requirements and improve production and the environmental performance of the oil and gas sector.
- $100 million through Innovation, Science and Economic Development Canada’s Strategic Innovation Fund in energy and economic diversification-related projects.
A suite of Employment and Social Development Canada services and programs is also available to assist workers who may be negatively affected.