The Canadian Grand Prix is staying on the Formula One schedule through 2029.

The province of Quebec announced a five-year extension with the circuit on Friday. The race had been on the schedule through 2024.

The announcement said the province would invest $28 million ($20.8 million U.S.) in the event. Among the improvements are new paddocks, which are expected to be built by 2019.

Canadian officials say the race is one of the biggest tourism draws in Montreal, including an estimated 30,000 visitors from the United States alone.

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