Bank of Nova Scotia is donating $25 million to rebuild its electricity grid after a tornado destroyed the facility in August, its vice president said.
The provincial government is expected to announce an agreement with the bank later this week, said Bank of Montreal vice president Michael Riester, in a statement Thursday.
“This investment will help us to improve our resilience to natural disasters and will help our customers maintain their financial security in the face of economic shocks,” he said.
Riester said the government will provide a $50-million grant to help cover some of the costs.
The money will go towards capital improvements and equipment upgrades.