The federal and Ontario governments have reached a deal to fund a new French-language university in Toronto.

An agreement signed today says the two levels of government will spend $126 million on the project over eight years.

The federal government is kicking in $63 million over five years. Ontario is to provide at least the same amount, starting in 2023.

Federal Official Languages Minister Mélanie Joly today called it a historic moment for Canadian francophones.

Her Ontario counterpart, Caroline Mulroney, said the project is an excellent example of Ontario's commitment to the francophone community.

Mulroney's Progressive Conservative government cancelled plans for a French-language university shortly after winning power in 2018, but backtracked after an uproar among Ontario's francophones.