The Fonds de solidarité FTQ has agreed to commit $100 million to the $300 million logistics component of the Québec government’s marine strategy. The strategy aims to position Québec as a hub of trans-Atlantic shipping traffic. In connection with the 2015 Québec Budget, the Fonds also announced that it will play a significant role in the extension of the SIDEX mining fund mandate until 2025; the expansion of the Fonds Valorisation Bois mandate to include pulp and paper innovation; and an increase in the investment threshold of the Fonds régionaux de solidarité FTQ from $2 million to $3 million. Based in Montréal, the Fonds manages net assets of $10.5 billion.
2015 Québec Budget and the Fonds de solidarité FTQ: A Renewed Partnership with the Government for Québec’s Economic Development
Montréal, March 26, 2015 – With initiatives planned in marine transportation, mining, pulp and paper and regional development, the 2015 Québec Budget once again confirms the key role of the Fonds de solidarité FTQ in Québec’s economic development.
“Since its inception, the Fonds de solidarité FTQ has always been the government’s partner of choice where job creation and economic development are concerned. We are pleased to see the Minister of Finance reiterate his confidence in us by looking to partner with us to further regional development and the growth of the pulp and paper, marine transportation and mining industries,” said Gaétan Morin, President and CEO of the Fonds de solidarité FTQ.
The 2015 Québec Budget contains four economic development measures relevant to the Fonds’ activities:
•$300 million over the next five years, including $100 million from the Fonds, for the logistics component of the Marine Strategy;
•Extension of SIDEX’s mining mandate until 2025 for exploration;
•Expansion of the Fonds Valorisation Bois mandate to encompass innovation in the pulp and paper industry; and
•Increase in the investment threshold of the Fonds régionaux de solidarité FTQ from $2 million to $3 million as to ensure a greater capacity for regional development.
“By not capping the shares issued by the Fonds, the Government of Québec is making it easier for the middle class to save for retirement and allowing the Fonds to deliver on its economic development mission. The government’s backing of labour funds and the support shown by the business community and opposition parties in Québec and Ottawa alike send a clear message: the federal government must maintain the federal tax credit,” added Mr. Morin.
“Last week’s Godbout report and today’s Budget both acknowledge the strategic role of the Fonds de solidarité FTQ. With the support and confidence of our 600,000 shareholders, we are proud to be involved in shaping Québec’s future,” concluded Mr. Morin.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $10.5 billion as of November 30, 2014, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds is a partner, either directly or through its network members, in more than 2,450 companies. With more than 600,000 shareholder-savers, the Fonds helps create, maintain and protect more than 172,000 jobs. For more information, visit www.FondsFTQ.com.
For media representatives only:
Senior Advisor, Media Relations and Communications
Fonds de solidarité FTQ
Phone: 514 850-4835
Mobile : 514 703-5587
For Fonds de solidarité FTQ shareholders:
Fonds de solidarité FTQ
Montréal: 514 383-3663
Québec: 418 628-3663
Toll Free: 1 800 567-3663
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