Government of Canada strengthens Northern Ontario’s economy

August 27, 2009

BRACEBRIDGE, Ontario — The Honourable Tony Clement, Minister of Industry and Minister responsible for FedNor, today announced a multi-million dollar Government of Canada investment, aimed at providing a solid foundation for economic recovery and development efforts across Northern Ontario.

Up to $31.4M will be invested through the Community Adjustment Fund (CAF), one of several initiatives introduced as part of Canada’s Economic Action Plan. It is the government's intention to support projects in communities across Northern Ontario that are struggling with the effects of the global economic downturn.

“Today’s announcement demonstrates that our government is taking action to help strengthen Northern Ontario’s economy,” said Minister Clement. “This $31.4M investment through the Community Adjustment Fund, delivers on our commitment to develop a competitive and diversified economy, create jobs and ensure long-term growth and prosperity throughout the region.”

The Minister announced $970,980 in CAF funding in support of five initiatives in the Muskoka region (see attached information sheet). Earlier this week, Minister Clement was pleased to announce over $5M for Nipissing University to construct a new 52 bed residential complex in Bracebridge.

Minister Clement also announced a significant FedNor investment of more than $292,500 in support of eight projects in the Muskoka region (see attached information sheet). The funding will come from FedNor’s Northern Ontario Development Program, designed to create new economic opportunities, retain youth and encourage sustainable growth.

“I would like to thank Minister Clement and the Government of Canada for their unwavering support for Bracebridge, the region of Parry Sound-Muskoka and all of Northern Ontario,” said Bracebridge Mayor Don Coates. “The funding announced today will help accelerate our economic recovery efforts, paving the way to a more promising future for residents and businesses throughout the region.”

Before funding can be issued as part of CAF, proponents of selected projects must meet the terms and conditions set out in their CAF agreement. Over the next week, a complete list of CAF projects will be made available online at: http://ic.gc.ca/caf.

A complete list of FedNor funded projects is available at: http://ic.gc.ca/fednor.