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Western Economic Diversification Canada

Quick Facts

Our Mandate

Western Economic Diversification Canada (WD) was established in 1987 to develop and diversify the economy of Western Canada and to advance the interests of the West in national economic policy.  WD delivers on its mandate by focusing on three core priorities:

• Investing in initiatives that build sustainable and prosperous communities
• Supporting innovation in the western Canadian economy, including the development and commercialization of new technologies
• Growing a competitive business sector in the West

Our Investment in the West

• Since 1987, WD has invested some $3.47 billion in Western Canada to help communities become more sustainable and economically competitive, strengthen the western Canadian innovation system and expand Western Canada's business sector.
• Our investments are maximized through innovative partnerships with other levels of government, financial institutions, universities and research centres, and the private sector.Between 1995 and 2004, every dollar WD invested under our Western Diversification Program leveraged an additional $1.17 from other sources.

Sustainable Communities

• WD's sustainable community activities work to ensure that economic, social and environmental factors are considered in initiatives designed to foster western Canadian community growth and economic development.
• Our Western Economic Partnership Agreements (WEPAs), cost-shared with provincial governments, create economic and employment opportunities.  Projects under the 1997-2002 WEPAs have leveraged $458 million in private sector investment and resulted in approximately 120 new business ventures. Over the next five years, we estimate that a total of 586 new businesses will be started as a result of WEPAs. Nearly $500 million has been invested in buildings and equipment, and more than 1,300 full-time jobs have been created. In 2003 and 2004, WD and our provincial partners signed new WEPAs to invest $200 million in joint economic development initiatives over four years.
• WD's Urban Development Agreements (UDAs) with provincial and municipal governments address complex issues in urban areas, especially inner cities. Under the Vancouver Agreement, for example, WD contributed $10.7 million between April 2000 and April 2004 to improve conditions for residents and businesses in Vancouver's Downtown Eastside neighbourhood. This investment was matched by funding from the community and other governments.
• Under the Infrastructure Canada Program, WD invested over $557.1 million in more than 1,630 projects to renew physical infrastructure in the four western provinces.  WD is also responsible for delivering the Municipal Rural Infrastructure Fund to address the priorities of smaller communities.  Over the life of the fund, WD will deliver a total of $278 million to western Canadian communities.
• WD delivers community economic adjustment programs when extraordinary events such as trade disputes, natural disasters, mine and military base closures threaten a community's economy.
• The Government of Canada is a proud funding partner in the 2010 Olympic and Paralympic Winter Games, to be held in Vancouver and Whistler.  WD is working with other federal departments to ensure the Games are hosted in a socially and environmentally sustainable way  and leave lasting legacies in sustainable community development, entrepreneurship and innovation.

Innovation

• WD investments leverage new funding for research and development, support the growth of new industry clusters, accelerate technology commercialization and create jobs and growth in knowledge-based sectors.
• WD encourages active dialogue to promote new industry sectors, such as the 2003 Western Canada Environmental Technology Forum which brought together leaders from business, universities and research centres, and government to discuss concrete ways to move the sector forward.

• In 2003-04, WD invested $66.9 million in projects to further develop key sectors such as genomics, environmental technology, geomatics and nanotechnology, leveraging an additional $98 million from public and private sector partners.

Entrepreneurship

• WD is a catalyst for new and emerging businesses by providing entrepreneurs with better access to funding and training in strengthening business management skills, attracting investment to Western Canada and increasing the number of Canadian business across international markets.
• Our Business Service Network is made up of more than 100 points of service located throughout the West that offer targeted information and services to help start a business or make it grow. Our partners include Community Futures Development Corporations, Canada Business Service Centres, Women's Enterprise Initiative offices and Francophone Economic Development Organizations. Between 1999 and 2004, our network partners responded to over 754,000 requests for information, provided more than 136,000 advisory services and trained 64,400 clients.
• WD's Loan Investment Fund Program fills a gap in financing between traditional bank lending and venture capital.  Since 1995, this partnership with independent western financial institutions has provided about 2,229 loans to small- and medium-sized enterprises (SMEs) totalling $185 million. A further $95 million in other financing has been leveraged as a result.