Nearly 3,000 participants will train across Ontario, Alberta, Quebec and Atlantic Canada
A $15m philanthropic commitment to Canada's skilled trades workforce was announced in Toronto, funding pre-apprenticeship entry, advanced welding certification and mass timber training over three years.
The money comes through BlackRock Future Builders, an initiative funded by The BlackRock Foundation, and is the programme's first philanthropic commitment outside the United States.
BlackRock announced the commitment as Canada enters what it described as one of the largest periods of infrastructure and growth investment in recent history.
Around 100,000 new skilled trades workers will be needed over the next five years to support development of key infrastructure projects in the country, according to the Government of Canada figure cited in the release.
BlackRock said its Canadian effort aims to increase access to training, support apprenticeship systems, and connect more people to in-demand trades careers.
Larry Fink, chairman and chief executive officer of BlackRock, said Canada has "an opportunity to invest, build and grow in the years ahead."
Through BlackRock Future Builders, the firm is investing in "the skilled tradespeople" who will support that growth, Fink said.
The opening phase supports the Iron Workers District Council of Western Canada, a regional non-profit and part of the International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers.
A portion of the commitment funds the council's direct entry pre-apprenticeship training program, Gladiator, expands its advanced welding training and certification program, and helps establish national training capacity in mass timber.
The initial grant is expected to support nearly 3,000 participants across Ontario, Alberta, Quebec and Atlantic Canada over the three-year period.
Additional organizations will be identified and selected for the remaining commitment over the next three years, guided by local community partners.
Kevin Bryenton, general president of the Ironworkers, said the partnership with BlackRock Future Builders Canada will help grow Canada's skilled trades workforce.
The investment, he said, will help train the union's next generation of members.
Katherine Tweedie, country head of Canada at BlackRock, said the firm has operated in Canada for more than 30 years.
Tweedie said the program is expanding pathways into the skilled trades.
Fink was scheduled to speak on a panel at Prime Minister Mark Carney's Canada Investment Summit on the day of the announcement.
Wealth Professional reported ahead of the event that the government was seeking to catalyse $1tn in total investment over five years, including a target of $500 billion in new private-sector capital, and has previously reported that more than $1tn in foreign investment left Canada over the past decade.
Canada ranked first for infrastructure investment attractiveness for the first time in the Global Infrastructure Investor Association's bi-annual Pulse Survey conducted by Alvarez & Marsal, Wealth Professional reported in May, overtaking Germany and the United States.
BlackRock launched Future Builders in the United States on March 11, with a US$100m philanthropic initiative deploying grant capital to nonprofit and workforce development partners across multiple states over five years, reaching 50,000 workers.
