The help comes in the form of loans and loan guarantees of about $35 million each from both levels of government towards the project's completion.
Manitoba Premier Greg Selinger says the federal contribution is an interest-free loan, while the provincial contribution is a loan guarantee, and both have been in the works for some time now.
"The province and the federal government have been working on this in partnership with the museum board for several months to find a solution that didn't put any additional taxpayer dollars upfront but allowed the project to get completed and this is the best solution that we've been able to agree on," he said Thursday.
Selinger added that both levels of government see the economic benefit of supporting the museum, which is under construction near The Forks in downtown Winnipeg.
“Increase the economic activity here by about $58 million a year, there’ll be 250 jobs created as a result and about a $21 million payroll and about $12 million in taxes that are generated,” he said.
The museum is currently slated to open in 2014, about a year later than planned.
Selinger said the money announced on Thursday is bridge financing to get the museum completed and operational.