The federal government says it will be investing $58 million over the next two years to enhance the safety and efficiency of ferry services in Eastern Canada.

Transport Minister Lisa Raitt made the announcement in Saint John Wednesday morning, alongside New Brunswick Premier David Alward.

Raitt says the money will allow for the continued operation of three ferry services: between Digby, N.S., and Saint John; the route between Wood Islands, P.E.I., and Caribou, N.S.; and the service between Souris, P.E.I., and Iles-de-la-Madeleine, Que.

“These are vital services. These are services that connect people and move vital goods as well,” says Raitt. “These are very important to local economies.”

Ottawa has spent $246 million on ferries across Eastern Canada since 2006 – funding that often comes in similar announcements every two years. Communities on both sides of the Bay of Fundy say they are grateful for the support, but they are hoping for a long-term commitment.

“What I’m really looking for in the future is a long-term commitment, more than a two-year agreement,” says Digby Mayor Ben Cleveland. “Companies and the tourism industry look two to 15 years ahead.”

The money is designed to keep ferry services operating for at least another two years, but it doesn’t resolve the questions surrounding the age of the some of the fleet.

The federal government announced last year that it is looking for a replacement for the 43-year-old MV Princess of Acadia, which operates between Digby and Saint John.

The replacement is expected to be in service next year and some estimates indicate the cost could be in the $50-million range.

The New Brunswick government has committed $2 million over the next two years for the Saint John -- Digby service, but it is contingent on Nova Scotia providing matching funds.

New Brunswick’s contribution is usually matched by Nova Scotia but so far the province has not signed on.

“We’ve been very pleased with Nova Scotia being equal partners and we believe we will be going forward as well,” says Alward.

A spokesperson for the Nova Scotia government says negotiations are ongoing and an announcement will be made soon.

With files from CTV Atlantic's Mike Cameron and The Canadian Press