02/12/2014 01:48 EST | Updated 04/14/2014 05:59 EDT

Building Canada Fund $14B details to be announced Thursday

Infrastructure Minister Denis Lebel will announce the details of the government's much anticipated Building Canada Fund on Thursday, CBC News has learned.

The Conservatives announced in last year's budget $14 billion over 10 years for a new Building Canada Fund to support major economic projects.

Tuesday's federal budget said, "The government continues to consult with the Federation of Canadian Municipalities and other stakeholders to finalize the parameters of the new Building Canada Fund and is committed to launching the new fund by March 31, 2014."

Cities and municipalities have been waiting almost a year to find out who will qualify for the funding they need to fix Canada's crumbling roads, bridges, and old water pipes.

With just over six weeks until the new funds begin to flow, Canada's mayors have been urging the government to make the funding details public for fear of losing thousands of jobs that come with the construction, which is fast approaching.

While the details of the new fund have yet to be announced, the government promised Toronto $660 million from the new fund towards the extension of a subway line.

Lebel later said Toronto would still have to apply for the funding under the new plan.

The new Building Canada Fund is part of the government's $53-billion Building Canada Plan which was announced in last year's budget.

This week's budget included $391.5 million over five years for Parks Canada to make improvements to highways, bridges and dams in national parks and historic canals.