When a Canadian Shipyard Loan Becomes a Grant ...

CBC News
Sunday, March 17, 2013

The province's $260-million loan to Irving Shipbuilding will be 'forgivable' if the shipyard & its direct sub-contractors create 4,000 jobs in Nova Scotia,

The government's assistance package, revealed in March 2012, includes the forgivable loan worth up to $260 million (but Irving will have to repay it if it doesn't reach those job targets) and a repayable loan of $44 million for human resources, technological, and industrial development, reports CBC News.

The Department of Economic Development said the 4,000 jobs will be created over the 29-year life of the agreement, while the NDP government defends the arrangement on the basis the shipbuilding work will generate $2.8 billion in tax revenue for the province.

In 2012, a Conference Board of Canada study found that Nova Scotia could benefit from an average of 8,400 indirect jobs between 2012 and 2030, peaking at 11,500 jobs during the program’s busiest years.

Source: CBC News

 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Tuco Debuts New Wind Farm Service Boat

Less than a week before the Offshore Energy 2014 Exhibition and Conference in Amsterdam the coming week, Tuco Marine disclosed the newest vessel in the ProZero series of Fast Rescue Boats,

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

Finance

Technip & Fluor Bag RAPID UIO Project

Technip, in a joint venture with Fluor, was awarded an engineering, procurement and construction management contract by PRPC Utilities and Facilities Sdn. Bhd.

Gazprom to Counter Negative Global Market Trends

The Gazprom Board of Directors took note of the information on the Company's financial strategy under the conditions of negative trends in the global financial

New York, London Juxtaposed by New Maritime Event

On November 13, the newly formed New York Maritime Consortium, a coalition of leaders from New York Maritime Inc. (NYMAR), the Society of Maritime Arbitrators (SMA),

 
 
Maritime Security Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1162 sec (9 req/sec)