Mr. Speaker, Honourable Members, later today I will table a copy of the Department of Resources, Wildlife and Economic Development's Business Development Fund Annual Report for the 1995/96 fiscal year.
Members are provided on a regular basis with a list of contributions which my Department has approved to businesses in their constituency. In this report a summary and breakdown is provided of all the contributions approved in the preceding fiscal year.
I am pleased to make this information available to Members of the Assembly and to note some of the highlights of the report which are evidence, I believe, of our ongoing commitment to assist the private sector and to help business enterprise grow and prosper during these difficult times.
The Department approved 246 contributions during the 1995/96 fiscal year with funding averaging $12,456 per approval. Consistent with trends in other years, the Department made a greater number of contributions to level 3 communities as compared with those in levels 1 and 2. Evidence, Mr. Speaker, that funds are going to the most needy businesses - those who by virtue of their remote location share systemic constraints to growth.
In keeping with our efforts to promote opportunities with and for Aboriginal businesses, I am also pleased to note that contributions to Aboriginal businesses accounted for 78% of the total fund with the majority of these approvals toward business creation projects.
Mr. Speaker, I would like to acknowledge the spirit and enthusiasm of the Northwest Territories business community and extend to them our commitment for ongoing service and assistance. Through the efforts of the business community the economy of the Northwest Territories will continue to grow at a significant rate.
Thank you.