Concordia University will be receiving $53 million from the federal and provincial governments, as well as private donors, to invest in research and innovation.

The bulk of the funding will go towards applied science, ensuring that research will have a payoff in creating jobs.

The federal government is providing $20 million, while $15 million is coming from Quebec. Concordia University and other partners are chipping in $16 million.

Ministers from Ottawa and Quebec said the facility will help position Canada for long-term growth.

"Their discoveries will plant the seeds for the next generation of innovators. In other words, we're working together to make Canada a world leader in turning ideas into solutions, science into technologies, skills into jobs, and startup companies into global successes," said federal minister Marc Garneau.

The goal is to create an open, modern research facility at the Loyola campus with high commercial and industrial potential. In other words, research that is likely to turn into industrial jobs and products rather quickly.

"Obviously it's the science that will be conducted here that's very important," said provincial minister Kathleen Weil. "The fact that you've got interesting teams of professionals working in this area, all of that is the right mix to be sure that we're competitive on a world stage."

Concordia said chemists, engineers, and those studying health sciences such as bio-medicine would be among those doing research at the Richard J. Renaud science building.

Researchers from the Department of Chemical and Materials Engineering will also work on sustainable manufacturing techniques.