$1 Million Boat Loan for Wagmatcook First Nation

AGRICULTURE/FISHERIES--$1 Million Boat Loan for Wagmatcook First Nation

The Wagmatcook First Nation will receive a $1-million loan from the province to construct a new fishing boat. Construction of the 16.7 metre (54 foot 11 inch) fish dragger/crab boat is expected to be complete in early 2005.

"We are really pleased to be able to make this investment," said Chris d'Entremont, Minister of Agriculture and Fisheries. "It will be doubly beneficial, providing more jobs for both the Wagmatcook First Nation and Nova Scotia's boat building industry."

"This new boat will give our people an opportunity to fish year round with our snow crab and groundfish access provided through the Marshall agreement. This is really a long-term investment that will benefit our entire community," said Wagmatcook First Nation Chief Lester Peck.

The Fisheries and Aquaculture Loan Board, part of the Department of Agriculture and Fisheries, is an independent adjudicator that makes financial lending decisions. As part of the loan approval, the Wagmatcook First Nation will purchase all supplies in Nova Scotia, and the construction project will take place at a boat building facility approved by the board.

Nova Scotia's boat building industry continues to be an important contributor to the provincial economy, with sales and spinoff activity of more than $200 million. Since 1998, the number of boat building jobs has grown from 550 to 880.

According to a Fiscal Revenue Impact Study commissioned by the Nova Scotia Boatbuilders Association, for every million dollars invested in boat building, nine direct jobs are created or maintained and 16-related jobs are supported. The study also revealed the industry's $15.7-million contribution to the tax base.