ANNOUNCEMENT 31 Jul 2015In July 2015, the government of Canada announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
On July 31, 2015, the Federal Economic Development Agency for Southern Ontario announced a repayable contribution of up to $59 million through the Automotive Innovation Fund (AIF) to Toyota Motor Manufacturing Canada (TMMC), a subsidiary of Toyota Motor Corp. The funding will create and maintain over 8,000 high-quality jobs in southwestern Ontario, in addition to bringing leading-edge technologies to Canada. The original authorization for the AIF dates back to the Canadian federal budget for 2008, which provided $250 million over five years to support automotive firms' strategic, large-scale research and development (R&D) projects. The original authorization for the program thus predated the mandate of the Global Trade Alert, but it was then renewed on January 4, 2013 with an additional $250 million over the next five years. On February 11, 2014, the Government of Canada announced a further $500 million over two years. Under the AIF, Innovation, Science and Economic Development Canada considers funding proposals that provide for private sector investment in Canada of more than $75 million over five years. Eligible projects include vehicle and powertrain assembly operations associated with significant automotive innovation and R&D initiatives. Among the criteria on which proposals are assessed are their contribution to the long-term economic benefit to Canada, including significant job creation/retention and their potential to attract further investments to foster Canadian competitiveness.