The Government’s New $750 Million Investment in
the Canada Foundation for Innovation

March 6, 2001

As a first step in fulfilling our 2001 Speech from the Throne and Red Book III commitment to double Canada’s research and development effort over the next decade, the government has announced a new $750 million investment in the endowment of the highly successful Canada Foundation for Innovation (CFI).

Our government’s overriding goal is to brand Canada as the most innovative country in the world -- as the place to be for knowledge creation; where our best and brightest can make their discoveries; where the global research stars of today and tomorrow are born; becoming a magnet for new investments and new ventures. That is why we created the CFI with a mandate to foster innovation and state-of-the-art research in Canada.

This new investment will allow the CFI to extend its research infrastructure funding programs until 2010, providing the stability that universities and research institutions need to make further progress in planning their research priorities.

It builds on the $500 million investment announced in the 2000 Economic Statement and Budget Update, bringing our government’s commitment to the CFI to $1.25 billion this fiscal year.

This means that our government will have invested $3.15 billion in the endowment of the CFI since its creation in 1997.

To date, the CFI has distributed grants worth more than $850 million – grants that contribute to train and keep our best and brightest right here in Canada.

In addition to its four program funds, the CFI supports activities aimed at strengthening Canada’s research leadership, including infrastructure support to the Canada Research Chairs Program, which is establishing 2,000 world-class research positions in Canadian universities.

Thanks to the bold, forward-looking steps we have taken since first assuming office, we have laid the foundation for a modern, world class research infrastructure in Canada, and a business environment that is pro-innovation.