Grants and Contributions:

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Title:

New Fishing Vessel Acquisition

Agreement Number:

2122-CN-000067

Agreement Value:

$3,000,000.00

Agreement Date:

Jun 29, 2021 - Mar 31, 2024

Description:

Construction of a new fishing trawler to assist with harvesting its Nunavut fishery quota.

Organization:

Canadian Northern Economic Development Agency

Expected Results:

This project is expected to create 6-8 new full time positions for the organization. This project is also projected to improve Baffin Fisheries fishing capacity with an estimated increase of 7% in the value of its annual harvest with a corresponding increase in annual revenue. The new trawler will significantly increase the return on investment for Inuit shareholders, reduce the organization's carbon footprint, improve operational efficiency and reduce the risk of income losses to Nunavut communities as a result of vessel break-down.

Location:

Iqaluit, Nunavut, CA X0A 0H0

Reference Number:

0780-2021-2022-Qrt3-0000031

Agreement Type:

Contribution

Report Type:

Grants and Contributions

Recipient Business Number:

862119534

Recipient Type:

Indigenous recipients

Recipient's Operating Name:

BAFFIN FISHERIES COALITION

Recipient's Legal Name:

BAFFIN FISHERIES COALITION

Federal Riding Name:

Nunavut

Federal Riding Number:

62001

Program:

Inclusive Diversification and Economic Advancement in the North (IDEANorth)

Program Purpose:

Inclusive Diversification and Economic Advancement in the North (IDEANorth) makes foundational investments in economic infrastructure, sector development and capacity building to help position Northerners in the territories to take advantage of Canada's innovation economy. The IDEANorth program focuses on four priority areas: economic growth and sector development; business scale-up, productivity and innovation; small-scale economic infrastructure development; and foundational economic infrastructure.