The federal government announced on Feb. 11 that they have set aside $1.5 billion in new funding for university research.
The money will be held in the Canada First Research Excellence Fund and will be distributed over the next 10 years. Money will start flowing next year with $50 million up for grabs across Canada.
The money will be used to hire new researchers, fund partnerships between universities and encourage the commercialization of completed work.
University of Calgary president Elizabeth Cannon welcomed the announcment, saying it will aid the U of C’s development strategy.
“I want to acknowledge and thank the federal government for making a significant financial investment in university research that aligns perfectly with our Eyes High strategy,” Cannon said. “We’re appreciative of this continued investment in research excellence even during difficult fiscal times.”