Company News

Canadian pension scheme CDPQ to help coronavirus-hit firms with C$4 billion fund

March 30 (Reuters) - Caisse de dépôt et placement du Québec (CDPQ), one of Canada's biggest state pension investors, said here on Monday it would create a C$4 billion fund to support companies in Québec adversely affected by the coronavirus pandemic.

The fund would be used to address liquidity needs of companies, whether or not in CDPQ’s portfolio, that meet certain criteria, including being profitable before the crisis, having a promising growth outlook in their sector and seeking financing of over $5 million.

Eligible companies will be able to use these investments to weather this “turbulent period” until the economy recovers from the pandemic, CDPQ said.

CDPQ has also decided to freeze the salaries of all leaders in the organization and its units, it added. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)