Province's investment arm will kick in loan of $250 million, additional $100 million in funding for Gaspe project
QUEBEC—A plan to build a cement plant in Quebec’s Gaspe region will proceed after all.
The new Liberal government has given its approval to the project, which will have a total investment of $450 million.
The project was first announced by the previous Parti Quebecois government in January.
Investissement Quebec, the government’s investment arm, will kick in a loan of $250 million and an additional $100 million in funding.
The province’s pension-fund manager, the Caisse de depot et placement, will also have a $100-million stake.
The project is expected to create 200 direct jobs by 2016.
Jacques Daoust, minister of economy and innovation, says the expected benefits and the project’s solid business plan satisfied the government enough to allow the project to proceed.
The Cement Association of Canada (CAC) spoke up about the project in March, urging the federal government not to give any special treatment.