The B.C. government is setting up a new Crown corporation called InBC Investment Corp. with $500 million to finance the growth of businesses chosen for their ability to advance social and environmental as well as business objectives.
Jobs Minister Ravi Kahlon introduced legislation Tuesday to establish the corporationB次元官网网址檚 board of directors and a B次元官网网址渃hief investment officerB次元官网网址� to make decisions on what businesses are supported.
B次元官网网址淚nBC will make investments in small and medium-sized businesses through a triple-bottom-line mandate that equally values and prioritizes our people and planet with profits,B次元官网网址� Kahlon told the B.C. legislature April 27.
Kahlon and Premier John Horgan described the investment fund as a way to grow smaller businesses that advance the governmentB次元官网网址檚 climate change and Indigenous reconciliation goals, while keeping businesses from being taken over or leaving the province.
B次元官网网址淚nBC will provide a source of patient capital to build a more innovative low-carbon economy by investing in high-potential business to help them to scale and grow in B.C.,B次元官网网址� a ministry presentation says.
A board of directors with two deputy ministers and seven private-sector directors is being established by the legislation, which gives the chief investment officer B次元官网网址渟ole authorityB次元官网网址� to make investment decisions without board or government involvement.
Horgan said the is modelled on those in Ireland and Denmark, and will focus on technology, life sciences and innovators to get the province towards its greenhouse gas reduction goals.
Business representatives endorsed the plan, emphasizing the need to keep new businesses owned and growing in the province.
B次元官网网址淲here we struggled is in scaling companies,B次元官网网址� said Wendy Hurlburt, president of LifeSciences B.C.
Greg DB次元官网网址橝vignon, CEO of the Business Council of B.C., said high-wage jobs and employment for Indigenous people can grow only if companies can develop in the province. He cited B.C.B次元官网网址檚 successes in virtual animation for movies and gaming, life sciences and agricultural technology.
B次元官网网址淎ccess to capital is critically important to our economy and innovative businesses as they seek to scale and compete globally,B次元官网网址� DB次元官网网址橝vignon said.
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