Canada Announced $2.5 Billion to Help the Oil & Gas Industry Cope with the Epidemic Crisis

On April 17 local time, Canadian Prime Minister Trudeau said Canada would provide $2.5 billion in aid to the oil and gas industry hit hard by the outbreak.

It is reported that the industry accounts for 10.6% of Canada's GDP. "Our goal is to create jobs while helping companies avoid bankruptcy and achieve our environmental goals," Trudeau said He said the measures would save about 10000 jobs.

Among them, Canada will spend $1.7 billion to clean up abandoned oil and gas wells. Another $750 million reduction fund will be set up to provide the company with repayable loans. Commercial Development Bank of Canada will also provide commercial loans worth $15 million to $60 million to energy companies to provide 12-month cash flow.

It is reported that as of July 17, more than 30000 cases have been confirmed and 1250 people have died in Canada.