It’s good news for Oakville.

Ottawa is extending an auto sector fund that provides a $250 million dollar pool of investment cash for car companies and their suppliers to draw from.

Prime Minister Stephen Harper made the announcement at the Ford plant in Oakville.

The fund was established in 2008 federal budget. It requires companies to invest their own money to access tax-payer cash.

The five-year renewal comes amid a controversy over government assistance to the auto industry  after GM of Canada said in late December that it will shift production of the Chevrolet Camaro from Oshawa  to a plant in Michigan in 2015.