CALGARY -- The Kenney government has approved a major project aimed at protecting residents of Canmore from flooding similar to what they experienced in 2013.

The Cougar Creek debris flood retention structure is expected to protect a number of critical pieces of infrastructure, including Highways 1 and 1A, the Canadian Pacific Railway's main line, a school and the RCMP detachment.

Officials say residents of Canmore know all too well the damage caused by flooding.

"The Cougar Creek Dam will help mitigate the public safety risks posed by debris floods by providing a reliable level of protection for homes, businesses and critical infrastructure in Canmore," said Minister of Environment and Parks Jason Nixon in a release.

Town officials say the dam will also help with their long-term plan for flood mitigation and protect thousands of residents in the event of future flooding.

The $48.8 million project is funded by all three levels of government, including a total of $30.3 million from the provincial and federal government.

"We have been developing this major project in partnership with the province, and thank both the federal and provincial governments for committing 90 per cent of the funding for this important project," said John Borrowman, Canmore's mayor, in a release.

The dam will be built on Cougar Creek, approximately two kilometres northeast of the Trans-Canada Highway.

It's expected to be about 33 metres high and is capable of containing 760,000 cubic metres of water and mountain debris.

Areas of Canmore were devastated when Cougar Creek overflowed in 2013, tearing away at the yards of several homes along the river and washing out many roads, including a section of Highway 1.

The project will also protect power lines and a high-pressure natural gas pipeline.