Prime Minister Stephen Harper announced Wednesday the creation of a one-billion-dollar fund to help Canada's struggling rural mining and forestry towns.
The new Community Development Trust is designed to help vulnerable communities and workers suffering economic hardships caused by the current volatility in global financial and commodities markets, Harper said in a statement.
"The program is aimed at one industry towns facing major downturns, or communities plagued by chronic high unemployment, or regions hit by layoffs across a range of sectors," he said.
"Among other things, it will support job training to create opportunities for workers in sectors facing labor shortages and community transition plans that foster economic development and create new jobs, and infrastructure development that stimulates economic diversification."
Canada's minority parliament must still approve the spending.
Once authorized, a base amount of 10 million dollars (Canadian, US) will be allocated to each province and three million dollars to each territory. The balance of the funding will be allocated on a per capita basis.
