The Princess of Acadia ferry operates on one of the three routes which received funding commitments today. (CBC)

Two separate funding announcements were made today regarding ferry service in Eastern Canada.

Transport Canada announced it was investing $58 million over two years to support three different routes until March 31, 2016.

The funding will be used to support operations and to maintain and repair ferry assets.

“Our government understands the importance of these ferry services to the economic sustainability of Eastern Canada," said Minister of Transport Lisa Raitt in a statement. "This investment will enhance the safety and efficiency of the services while greatly benefiting the transport, trade and tourism industries in the region.”

The three routes are:

  • Saint John, N.B. and Digby, N.S.
  • Wood Islands, P.E.I. and Caribou, N.S.
  • Iles-de-la-Madeleine, Q.C. and Souris, P.E.I.

New Brunswick government to invest $2 million

The New Brunswick provincial government also made a ferry funding announcement today. It is investing $2 million into the Saint John, N.B. and Digby, N.S. ferry route.

The funding works out to $1 million per year for two years and will be used to assist Bay Ferries Ltd. operate and maintain the service. The investment is contingent on an agreement with the Nova Scotia government, which would include an equal investment over the same time period.