MISSISSAUGA, Ont. — Pratt and Whitney Canada announced a plan Monday to spend $1 billion — including $300 million from the federal government — over the next four and a half years to develop new aircraft engines.

Ottawa said its investment in the aerospace company will help support nearly 1,500 jobs over the next five years.

We are proud to support the aerospace industry and will continue to create the right economic conditions for Canadian companies to succeed globally, Industry Minister James Moore said in a statement.

The federal governments contribution comes in the form of a $300-million repayable contribution through its Strategic Aerospace and Defence Initiative.

The program, launched in 2007, is meant to help provide loans to support research and development in the aerospace and defence sectors.

based in Longueuil, Que., Pratt and Whitney Canada is a wholly owned subsidiary of United Technologies Corp. and employs roughly 6,000 in Canada.

In addition to its head office and other locations in the Montreal area, it also has smaller operations in Ontario, Nova Scotia and Alberta.

The company is building the new geared turbo fan engines that are being used on Bombardiers CSeries aircraft which is undergoing flight tests.

Pratt and Whitney engines have also recently been built to power the Gulfstream G500 and G600 business jets.

The new engines are expected to help reduce fuel consumption, weight, emissions and noise.