Canada providing $4 billion to aid automakers

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Canada providing $4 billion to aid automakers
« Thread Started on Dec 21, 2008, 5:15am »

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Canada providing $4 billion to aid automakers
Posted: 11:46 AM ET
(CNN) — Canada will provide roughly $4 billion in aid to its automotive sector, officials announced Saturday, honoring a previous pledge to provide 20 percent of whatever was offered to automakers by the U.S. government.

The $4 billion Canadian dollars equals about $3.3 billion in U.S. dollars.

Some 400,000 residents of Ontario “rely on the auto industry so they can put food on the table and keep a roof over their heads,” Ontario Premier Dalton McGuinty, who made the announcement along with Canadian Prime Minister Stephen Harper, told reporters. “What the prime minister and I are saying today is that those people and their jobs are worth fighting for.”

Ontario will provide about $1.3 billion of the total, McGuinty said. The funds will be given to the Canadian subsidiaries of the U.S. automakers