Canada to offer $2.6b bailout package to auto industry
Monday, 15 December 2008
OTTAWA, Dec 14 (Xinhua): Canada has decided to offer 3.3 billion Canadian dollars (2.6 billion US dollars) to bailout its ailing auto sector on conditions that a similar package is approved in the United States, reports said yesterday.
Canada's federal government and Ontario provincial government have agreed to provide the fund in proportion, the report quoted Industry Minister Tony Clement as saying.
Speaking to reporters in Toronto late Friday, Clement said the deal was contingent on GM, Ford and Chrysler working together with parts suppliers and unions for a long-term solution for their industry, as well as the American proposal going forward.
The minister also said the Canadian government expects US President George W Bush to announce something "very soon."
The US bailout appeared to have died late last week after hours of heated negotiations between lawmakers, representatives from automakers and unions.
Canada's federal government and Ontario provincial government have agreed to provide the fund in proportion, the report quoted Industry Minister Tony Clement as saying.
Speaking to reporters in Toronto late Friday, Clement said the deal was contingent on GM, Ford and Chrysler working together with parts suppliers and unions for a long-term solution for their industry, as well as the American proposal going forward.
The minister also said the Canadian government expects US President George W Bush to announce something "very soon."
The US bailout appeared to have died late last week after hours of heated negotiations between lawmakers, representatives from automakers and unions.