SUMMERSIDE, P.E.I. — The federal government has signed renewed agreements with New Brunswick and Prince Edward Island for the Canada Community-Building Fund (CCBF).
The CCBF is a permanent, indexed source of funding provided up front, twice a year, to provinces and territories, who in turn flow the funding to local governments and other entities to support local infrastructure priorities, a release indicates.
For the first phase of the 10-year deal, municipalities in the two provinces will receive more than $349.3 million over the next five years.
The deal will help the communities address their infrastructure needs, plan ahead, and back projects that support new homes in the growing provinces.
Over the next 10 years, the federal government is investing $26.7 billion to renew CCBF deals and fund infrastructure projects, especially ones that will aid the construction of new homes across the country.
Over the first five years of the agreement, New Brunswick will receive $254.8 million and Prince Edward Island will get $94.5 million.
“In P.E.I., this funding will support our communities to build and revitalize essential infrastructure, including infrastructure to enable housing development,” said Dennis King, premier of P.E.I., in a statement. “This funding from the Government of Canada will also support economic growth, community well-being, job creation and resiliency to the impacts of climate change and natural disasters.”
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