The the federal and Ontario governments offered the auto industry $4 billion in emergency loans on Saturday in a move to stave off the shift of production to the United States.

The amount is roughly equal to 20% of U.S. President George W. Bush’s bailout plan as well as Canada’s portion of North American auto production.

Under the Canadian plan, General Motors will receive $3 billion with the balance going to Chrysler. Ford has asked Canada only for a line of credit and is not participating.

In addition to the loans, Prime Minister Stephen Harper announced that the government would extend additional insurance to auto parts makers for money owed to them by automakers, and develop a program to finance consumer loans for new car purchases.