More funding supports economic development in Rural BC

Courtesy of the Government of BC:

To continue building resilient communities and supporting people and businesses in rural British Columbia, more funding will be provided to regional economic trusts subject to legislative amendments being passed.

“Rural B.C. is the backbone of our province and by continuing to support new opportunities for economic development and diversification, everyone benefits,” said the Hon. Brenda Bailey, BC Minister of Jobs, Economic Development and Innovation. “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.”

As part of government’s work to support rural economic development, the Province will introduce legislative amendments in fall 2023 that will allow a total of $30 million to be delivered to the Island Coastal Economic Trust (ICET), Northern Development Initiative Trust (NDIT), and the Economic Trust of the Southern Interior (ETSI) in 2023-34. Each trust would receive $10 million to invest in their regions.

“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, 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.”

The three rural economic trusts support innovation in rural regions with investments in leading-edge projects that help businesses grow and thrive. Many projects that receive funding from the trusts support projects that build new infrastructure, enhance small-business opportunities or support Indigenous economic development.

Supporting resilience in rural communities is a key part of the StrongerBC Economic Plan, which is growing a clean, inclusive economy that works for everyone.

Quick Facts:

• This work complements the new Rural Economic Diversification and Infrastructure Program, which is providing $33 million this year to local governments, First Nations and other organizations in rural areas to strengthen communities and diversify economies in rural B.C.
• In 2004-05, the Province created the Northern Development Initiative Trust (NDIT) with $135 million sourced from the proceeds from the sale of BC Rail.
• In 2005-06, the Province created the Economic Trust of the Southern Interior (ETSI) and the Island Coastal Economic Trust (ICET) in a similar model to NDIT, and provided equal, one-time payments of $50 million to each trust.
• These trusts were formed with the structure to make decisions at a regional level and as a result are able to invest this funding in a way they determine is best for their communities.
• In 2018, ICET received an additional $10 million in recapitalization.

Learn More:

To learn more about the StrongerBC Economic Plan, visit: https://strongerbc.gov.bc.ca/plan/