(CNN) -- Officials in Michigan and Canada announced Friday that they have agreed to build a new bridge linking Detroit and Windsor, Ontario.
The bridge is estimated to cost around $950 million, and should help create as many as 10,000 jobs in Michigan alone, according to the office of Gov. Rick Snyder.
The project includes the bridge, Canadian and U.S. inspection plazas and an interchange with Interstate 75, according to the office of Canadian Prime Minister Stephen Harper. It will be funded by Canada and is expected to take four or five years to complete.
"Our government is taking the measures necessary to facilitate trade and investment between Canada and the United States in order to generate jobs, economic growth and long term prosperity," Harper said in the statement.
"This new bridge will reduce congestion at this critical Canada-U.S. border crossing, support the creation of new export-related jobs and investment opportunities along the Quebec City-Windsor corridor, increase the competitiveness of the North American manufacturing sector, and provide thousands of construction jobs in Ontario and Michigan," he added.
Harper appeared at an afternoon news conference, alongside Snyder and U.S. Transportation Secretary Ray LaHood.
It will be the second to span the Detroit River. The existing bridge is the busiest trade crossing on the U.S.-Canada border, serving about 8,000 trucks each day, Snyder said.
"It's time for a new crossing. It's time because trade demands it. It's an opportunity to create jobs, and we can work on something exciting," the governor said.