ANNOUNCED AS TEMPORARYNo
State aid, nes
On July 6, 2018 Quebec Finance Minister Carlos Leitão announced that the province will invest Can.$188 million (U.S.$143 million) into Chantier Davie Canada Inc. This investment in the country's largest shipbuilding firm will be made via Investissement Québec funds, and will refinance the conversion of a container ship that Davie transformed into a supply ship. That vessel is leased by the Royal Canadian Navy. Leitão was quoted in the press as stating that these funds constitute an investment rather than a subsidy, and will come out of the province's Can.$250 million (U.S.$190 million) maritime strategy fund, which was announced in March, 2018. Spencer Fraser, CEO of Federal Fleet Services, said that the government’s participation “frees up some of the cash which was invested into building the ship and will be exclusively reinvested in the shipyard” allowing the government “make a profitable, risk-adjusted investment to bolster the province's marine industry which will be fully repaid.”
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