The Business Development Bank of Canada will receive $700 million from the federal government over a period of five years to grow the clean technology industry. This fund will give the bank the courage to take more risks to make sure there are more clean-technology firms in the country. The firms will get more capital to expand their present business and also to hire extra staff to improve their performance.
The Innovation Minister Navdeep Bains of Indian origin will announce the investment plans. He will also be joined by the Environment Minister of Canada Catherine McKenna. This money was a promise made by the federal government in the budget that they presented last year. They said then that they would invest $2.3 billion in clean technologies.
The federal government will take the opportunity to also announce the commencement of the ‘clean growth hub’ during the event. Navdeep Bains will announce this new initiative. This project will support the clean technology companies and their projects. The government will coordinate the existing projects and programs and they will also monitor the results.
The government is of the opinion that investing money in clean technology will be good for both the environment as well as the country’s economy.