December 06, 2013 - 10:19 AM
LAC-MEGANTIC, Que. - Lac-Megantic residents have been given details on how some of the $60 million Ottawa has promised to help the devastated Quebec town will be spent.
A chunk of downtown Lac-Megantic was wiped out in July when a runaway train derailed, exploded and killed 47 people.
Denis Lebel, minister responsible for economic development for Quebec, told a news conference in the town today that $35 million of the $60 million will be used to help local business recover.
Of the $35 million, $20 million will go to reconstruction and $10 million will be spent on directly funding businesses and non-profit organizations.
The remaining $5 million will go to two investment funds to be administered by one or more local organizations.
Lebel also said about a dozen businesses struggling with debts will get payment and interest relief for six months.
Public Safety Minister Steven Blaney and Christian Paradis, who represents the Lac-Megantic area in the Commons, were also on hand for the announcements.
News from © The Canadian Press, 2013