Regional Development Corporation

New $50-million development fund to assist northern New Brunswick (09/04/07)

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April 7, 2009

SAINT-QUENTIN (CNB) - The provincial government is establishing a $50-million fund to diversify and grow the economy and communities of northern New Brunswick. The initiative, to be known as the Northern Economic Development Fund (NEDF), was announced today by Premier Shawn Graham.

(Multimedia)

"Noting substantial challenges facing the region and to help offset the economic downturn, our government is pleased to create a new $50-million economic development fund for northern New Brunswick," said Graham. "This fund will help provide intervention to address the challenges facing the region and help us implement our agenda of self-sufficiency in the communities of northern New Brunswick."

Joining Graham for the announcement were Post-Secondary Education, Training and Labour Minister Donald Arseneault; Restigouche-La-Vallée MLA Burt Paulin; and cabinet ministers and municipal leaders from northern New Brunswick.

The NEDF will be used to invest in projects that support the development and diversification of the economy and the building of the community capacity in northern New Brunswick. The fund will focus on the following areas of investment:

Economic development and diversification:

Community capacity building:

Under the management and co-ordination of the Regional Development Corporation, the NEDF will provide incremental assistance of $50 million toward the development of the economy in northern New Brunswick over a three-year period, from April 2009 to March 31, 2012.

Eligible areas for assistance will include those defined by the Madawaska, Grand Falls, Restigouche, Chaleur, Acadian Peninsula, and Miramichi community economic development agencies, including the Rogersville, Richibucto and Bouctouche areas.

09/04/07

MEDIA CONTACT: Bruce Macfarlane, Regional Development Corporation, 506-444-4606.

09/04/07