The B.C. government announced $10 million each for the province’s regional economic development trusts.
The Northern Development Initiative Trust will get $10 million in additional funding to support economic development in northern B.C.
On Wednesday, the Ministry of Jobs, Economic Development and Innovation $10 million grants for each of the province’s three regional economic development trusts. Legislative amendments will be introduced in the fall to allow the provincial government to provide the funding to the regional agencies. "Rural B.C. is the backbone of our province and by continuing to support new opportunities for economic development and diversification, everyone benefits," Jobs Minister Brenda Bailey said. "Our government continues to work with industry and communities to create and sustain jobs, and to invest in innovation so rural businesses and communities can thrive."
The province created the Northern Development Initiative Trust in 2004-05 with $135 million from the sale of BC Rail. As of Dec. 31, 2021, Northern Development had provided $171.3 million in funding in 4,670 community, capacity building and business development projects in northern B.C. "Our regional economic trusts have helped people and communities across rural B.C. build more vibrant, resilient places to live, work and play," said Roly Russell, B.C. parliamentary secretary for rural development. "By further investing in the three trusts, we can create new jobs and opportunities that will benefit people, businesses and communities across the province and continue building a strong, sustainable and inclusive economy that works for everyone.
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