Industry Canada

Industry Canada

December 04, 2009 14:04 ET

Minister Clement Highlights the Implementation of Canada's Economic Action Plan

OTTAWA, ONTARIO--(Marketwire - Dec. 4, 2009) - Canada's Economic Action Plan is providing unprecedented, short-term stimulus to respond to a global economic downturn, while making sure Canada emerges stronger than ever and is well-positioned to lead in the global economy over the long-term.

"Our fourth report makes it clear that Canada's Economic Action Plan is working by protecting Canadians' jobs and creating opportunities; it is a $62-billion shot in the arm for the economy," said the Honourable Tony Clement, Minister of Industry.

With 97 percent of 2009-10 funding committed, Minister Clement highlighted key government investments that are making a real difference in the lives of Canadians, including:

- Significant support for the automotive and automotive parts manufacturing sector, helping to save upwards of 52 000 jobs - many of which are related to assembly - in hard-hit communities.

- Improved access to credit for Canadian businesses through programs such as the Business Credit Availability Program, which made available $100 million to create the Operating Line of Credit Guarantee, $250 million for Business Development Bank of Canada to increase its term lending activities, and $161 million to support the creation of the Working Capital Support program.

- Support for the tourism industry, representing a total investment of about $47 million, has been delivered through the Marquee Tourism Events Program to 57 different events across Canada to attract visitors, create new jobs and sustain existing ones.

- Support to strengthen communities and enhance recreational infrastructure through the Recreational Infrastructure Canada Program in Ontario, investing in 766 projects in urban and rural areas. More than a third of these projects are underway to help keep our residents active and improve their quality of life.

- Targeted initiatives to help communities, such as the $1-billion Community Adjustment Fund, which has already committed $460 million to over 1000 projects across the country, and the new $206-million Federal Economic Development Agency for Southern Ontario (FedDev Ontario), bringing jobs to southern Ontario communities while meeting the specific development needs of the region.

- Measures to promote long-term economic growth through targeted investments in post-secondary institutions such as the $2-billion Knowledge Infrastructure Program, which is already supporting 370 projects currently underway. These projects will help create jobs in the short term and the infrastructure needed to keep Canadian research and education facilities at the forefront of scientific advancement in the long term.

"Canada's Economic Action Plan is delivering significant benefits to Canadian families, businesses, industries and communities of all sizes. It represents much-needed and timely stimulus that has been strategically invested into the economy so that we can continue our steady recovery and create jobs for Canadians from coast to coast to coast," said Minister Clement.

Contact Information

  • Office of the Honourable Tony Clement
    Minister of Industry
    Lynn Meahan
    Press Secretary
    Industry Canada
    Media Relations