Ontario is kicking in a big portion of the $103 million needed to build the new Global Innovation Exchange building at Wilfrid Laurier University (WLU).

The building, with state-of-the-art classrooms and the latest technology, will house the School of Business and Economics and the Department of Mathematics.

Bill Banks, the acting dean of business and economics at WLU, says "We're going to move forward into the future almost into the stratosphere with this announcement, excellent for the students, excellent for the school."

Built on the current site of the St. Michael School, which closed ten years ago, the building will also serve as the signature building on campus and the new gateway to WLU.

Max Blouw, WLU president and vice-chancellor says, "A new face for the university and a wonderful new opportunity for one of our signature programs to get even better, reach out even more."

In a media release, the university said the project will be "the largest single capital investment in the university's history."

With the province providing over two thirds of the funding, the remaining third is expected to be gathered through fundraising efforts.

The Global Innovation Exchange (GIE) will accommodate 2,000 students.

Ontario Minister of Training, Colleges and Universities John Milloy says "We need to find spots for 60,000 new students in our colleges, our universities. So we're going to invest in those institutions where it makes sense, where there is growth, where there is capacity for growth."

It is hoped the expansion will also help facilitate collaboration with the Centre for International Governance Innovation (CIGI), the Balsillie School of International Affairs and local industry.

John Ormston, WLU board chair, says it "underscores the foundation of success that the university has built over the past 100 years and represents a significant milestone in propelling Laurier forward into the next century."

In addition to the new student spaces, the project is also expected to create over 1,000 construction jobs.

The university hopes to have the GIE ready for students to begin their fall studies in three years.