13 November 2009
Yarmouth, Nova Scotia
Greg Kerr, Member of Parliament for West Nova, on behalf of the Honourable Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway, today announced that through the Atlantic Canada Opportunities Agency (ACOA), the Government of Canada is investing $50,000 in the Yarmouth Community Business Development Corporation’s establishment of a blind pool Community Economic Development Investment Fund (CEDIF) for southwestern Nova Scotia.
In a blind pool, investors contribute to a fund where the money raised is not earmarked for specific projects, but rather invested by the CEDIF in projects that it believes will provide the best possible results for the local economy.
“The Government of Canada is pleased to support the development of self-sustaining, economically viable communities in southwestern Nova Scotia,” said Mr. Kerr. “This investment reflects the goals of our Government’s Economic Action Plan by continuing to provide timely and targeted supports to communities across Canada.”
The objective of the new fund is to leverage local investment dollars and improve quality of life for southwestern Nova Scotia area residents.
“This project will provide the private sector with greater access to capital and investors with the option to buy locally,” said Chris Atwood, Executive Director of the Yarmouth Community Business Development Corporation.
FOR BROADCAST USE:
West Nova MP Greg Kerr on behalf of the Honourable Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway today announced a $50,000 Government of Canada investment designed to help stimulate the economy of southwestern Nova Scotia. The funding is provided by ACOA and will be used by the Yarmouth Business Community Development Corporation to establish a Community Economic Development Investment Fund (CEDIF) in the area.
Senior Communications Officer
ACOA Nova Scotia