Ottawa Renewing Subsidy for Purchasers of Canadian-Built Ships

The federal government is keeping afloat a subsidy program for buyers of Canadian-built ships, reported the CP. Foreign Affairs Minister Peter MacKay and Industry Minister Maxime Bernier said Thursday that Ottawa will renew and add $50m over three years to the Structured Financing Facility, which reduces the interest cost of loans used to buy Canadian-built ships. Thursday's statement noted that the government is also proceeding with more than $3 billion in ship procurement, including the $2.9-billion Joint Support Ship program and $324 million for six new Coast Guard vessels.