The Honourable Lawrence MacAulay, Solicitor General of Canada, and the Honourable Pat Binns, Premier of Prince Edward Island, today signed an amendment to add $15.1 million to the Canada/P.E.I. Regional Economic Development Agreement over the next two years.
The new funding will be added to the following existing programs: Strategic Infrastructure, Tourism Related Infrastructure, Educational Support Strategic Development, Community Economic Development and Export Trade Development and Development Prospecting. Funding is being cost-shared at a ratio of 69 percent federal ($10.4 million) and 31 percent provincial ($4.7 million).
"Since the agreement was signed in 1996, it has been an important investment tool which continues to enhance the infrastructure for economic development in key sectors including tourism and trade," said Minister MacAulay. "I am pleased to be here today on behalf of the Government of Canada to renew our commitment to support these sectors which will help lead to sustainable economic growth and increased income opportunities for Prince Edward Island."
"The Regional Economic Development Agreement is an example of this province's efforts to work with the federal government to encourage key sectors of the Island's economy," said Premier Pat Binns. "These funds will help Islanders build on our fundamental strengths and will help to better position our economy in the global marketplace."
Each of the five existing programs will receive a portion of the new funding. Under the Strategic Infrastructure Program, $7.1 million will be used to support infrastructure in industry, tourism, technology and informatics. The Tourism Related Infrastructure Program will receive $500,000 to continue to encourage new types of tourism, including ecological tours and soft adventures, and shoulder season development.
The Educational Support Strategic Development Program will use $6 million to enhance education associated with information technology and encourage the commercialization of new technology products. Community Economic Development will receive $500,000 to continue to foster long-term community-based initiatives.
Under the Export Trade Development and Development Prospecting Program, $1 million will be used to help Island business to identify new market opportunities and enter and expand into those markets.
To make the best use of limited financial resources, the federal and provincial governments are investing in projects which meet the economic development priorities of both levels of government. The Canada/P.E.I. Regional Economic Development Agreement will end on March 31, 2001. The Agreement is jointly managed and delivered by the Atlantic Canada Opportunities Agency and the P.E.I. Department of Development.