Question Period Note: Budget 2024 RDA Funding

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About

Reference number:
PEDC-2024-QP-00005
Date received:
Apr 16, 2024
Organization:
Prairies Economic Development Canada
Name of Minister:
Vandal, Dan (Hon.)
Title of Minister:
Minister responsible for Prairies Economic Development Canada

Issue/Question:

Budget 2024 RDA Funding

Suggested Response:

•Canada’s Regional Development Agencies support economic growth across Canada.
•These regional agencies will be advancing innovation and growth through the following investments:
oRegional Economic Growth through Innovation (REGI): $158.5M over 2 years.
$50 million over 2 years of this funding will be dedicated to modernizing and expedite home building through innovation.
oBoosting AI start-ups and adoption in critical sectors through an investment of $200M over 5 years.

Background:

•As part of my portfolio, Budget 2024 also commits:
o$26 million for the following Prairies Economic Development Canada initiatives: support for the Performing Arts Sector, the RCMP Heritage Centre and Vaccine and Infectious Disease Organization.
In total the Government is investing $30M in VIDO.

Additional Information:

oFor Canadian Northern Economic Development Agency, $14.9 million over three years, starting in 2024-25, to renew the Northern Isolated Community Initiatives (NICI) Fund in the territories and to expand it to other regions of Inuit Nunangat. This announcement also includes funding for Canada Economic Development for Quebec Regions, and the Atlantic Canada Opportunities Agency.
•More details about these initiatives will be released soon.