Province Creates Crown Corporation for Investment Program

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Nova Scotia has created a new Crown corporation that will allow the province to access federal funds to provide financial assistance for economic development projects.

Participation in the federal Immigrant Investor Program means the province can provide loans of at least $1 million for projects that contribute to government's economic development plan, Opportunities for Sustainable Prosperity. Nova Scotia companies and organizations can submit proposals in areas such as export development, information technology, environmentally sustainable infrastructure, manufacturing and production.

To administer this program, the province has established the Nova Scotia Strategic Opportunities Fund Inc., as a Crown corporation and authorized the corporation to accept funds from the federal government. The corporation's board of directors will oversee the portfolio and designate loans.

Under the federal program, qualified foreign investors can make an investment of $400,000 in return for the opportunity to immigrate to Canada. The federal government loans this money to provinces for investing and the provinces return the $400,000 in five years. The federal government then returns the funds to the investor.

Nova Scotia is one of six provinces participating in the program.

There is no impact on the provincial surplus or net direct debt anticipated as a result of this program. The financial statements of the fund will be consolidated in the public accounts of the province.

Organizations can apply for funding through the Department of Economic Development and can access application guidelines at www.gov.ns.ca/econ/business/docs/NSSOFI_Financing_Guidelines.pdf . For more information on the Immigrant Investor Program visit www.ci.gc.ca/english/immigrate/business/investors/index.asp .

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FOR BROADCAST USE:

     Nova Scotia has created a new Crown corporation that will

allow the province to access federal funds to provide financial

assistance for economic development projects.

     Participation in the federal Immigrant Investor Program

means the province can provide loans of at least one-million

dollars to Nova Scotia companies and organizations in areas such

as export development and environmentally sustainable

infrastructure.

     Under the federal program, qualified foreign investors can

make an investment of 400-thousand dollars, in return for the

opportunity to immigrate to Canada. The federal government loans

this money to provinces for investing and the provinces return

the 400-thousand dollars, in five years. The federal government

then returns the funds to the investor.

     To administer the program, the province has established

regulations to establish a Crown corporation, and authorized the

corporation to accept funds from the federal government.

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Media Contact: Melissa MacKinnon
              Department of Finance
              902-424-2917
              E-mail: mackinnm@gov.ns.ca

              Heather Deighan
              Department of Economic Development
              902-424-5836
              E-mail: deighahx@gov.ns.ca