The Eastern Canadian Province of Newfoundland and Labrador will invest C$300 million (€191 million; $261 million) in infrastructure projects thanks to economic stimulus funds being provided by federal and provincial sources.
The funds will go toward a variety of water and sewer system upgrades, bridge repairs, street improvements and road rehabilitations, according to a press release issued by the province’s ministry of transportation and works.
The funds do not leverage private investment, according to a spokesperson for the ministry.
A portion of the funds – C$106.5 million – was committed today to up to 22 such projects to create jobs and improve communities. The amount is about one-eighth of the C$800 million the province’s government has committed to invest in infrastructure during this fiscal year from its annual budget.
The federal funds are being provided by Canada’s $4 billion Infrastructure Stimulus Fund, which provides money for provincial, territorial and municipal-level infrastructure projects ready for construction.
The fund is part of Canada’s Economic Action Plan, announced by Canadian finance minister Jim Flaherty in January.
Much of that money may end up in the hands of four of Canada's ten provinces. Last week, a report by accounting firm KPMG found that Alberta, British Columbia, Ontario and Quebec are expected to continue to attract nearly 90 percent of Canadian road investment.
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