A total of $1.5 million will be made available over the next three years for long-term, sustainable economic development initiatives in communities and areas of Prince Edward Island affected by the permanent downsizing of the Atlantic ground fishery.
The Honourable Lawrence MacAulay, Solicitor General of Canada, on behalf of the Honourable George Baker, Minister of Veterans Affairs and Secretary of State for the Atlantic Canada Opportunities Agency (ACOA), along with the Honourable Pat Binns, Premier of Prince Edward Island, announced the details of the initiative which is cost-shared by the Government of Canada and the Government of Prince Edward Island.
The Government of Canada and the Government of Prince Edward Island are providing $1.2 million and $300,000 respectively, for a total of $1.5 million. The federal contribution comes from the $93.8 million allocated for the economic development component of the Canadian Fisheries Adjustment and Restructuring (CFAR) Initiative in the four Atlantic provinces.
This Initiative is geared specifically to enhance regional economic development of communities directly affected by the downturn in the ground fishery.
"The economic development component of the Canadian Fisheries Adjustment and Restructuring initiative is an example of how the Government of Canada is continuing to deliver on its commitment to help communities affected by the downturn in the Atlantic ground fishery," said Minister MacAulay. "Today, we are turning our attention to long-term development with a goal of building sustainable economic growth and ultimately, creating long-term employment."
Both levels of government will work in partnership with key community groups affected to implement the new economic development initiatives announced today.
"Today, we continue the hard work of charting a new economic course for affected communities," said Premier Binns. "The goals of this initiative are to strengthen and diversify the economy of affected areas, help those areas adjust to the realities of the new fishery, and assist them in becoming less dependent on seasonal industries and income support programs."
The economic development component of the Canadian Fisheries Adjustment and Restructuring Initiative includes three program areas under which a number of economic development activities will be undertaken over the next few months, with the initiative extending over a three-year period to March 31, 2002.
For more information about the Canadian Fisheries Adjustment and Restructuring Initiative, please contact the PEI Department of Development at (902) 368-4240 or the Atlantic Canada Opportunities Agency (ACOA) at 566-7492.