Industrial Expansion Fund Providing Economic Development Opportunities

Continued economic development opportunities and the creation of jobs will be the result of a transfer of $50 million to the province's Industrial Expansion Fund.

The fund is used to help establish, develop or expand industries in the province. It also serves as a funding source for broader government initiatives and policy implementation.

"In the past two years, the assistance provided to a number of manufacturing and processing industries has created hundreds of new jobs in mainly rural areas of the province," said Ernest Fage, Minister of Economic Development. "We are also helping industries involved in innovative research and technology and in aerospace and defense."

In 2004-05, the Industrial Expansion Fund provided $26.4 million in assistance to 16 industries and businesses in Nova Scotia. This had an economic impact of 834 new jobs, $19.2 million in new salaries and wages, $2.4 million in new taxes and $1.7 million in revenues from construction.

More information on the Industrial Expansion Fund can be found in the latest annual report at www.gov.ns.ca/econ/IEFreport .