Thank you, Mr. Speaker. Later today at the appropriate time, I will table the 1997-98 Annual Report of the Business Development Fund. This year's report is divided into two parts. The first part reports on assistance to businesses through schedules A to E. These schedules assist businesses with development. Development assistance includes: start-up, development of business skills, new markets and products, and securing investment. The last
section, schedule G, reports on financial assistance to community-based organizations for economic development projects that benefit entire communities, regions or sectors of the economy. This schedule is designed to work in partnership with other community development programs. I would like to highlight some of the department's ongoing commitments to the private sector. This year's 1997-98 annual report shows that increases have been made in total client approvals from 298 in 1996-97 to 336 in 1997-98 and for community-based organizations, approvals increased from 123 in 1996-97 to 240 in 1997-98. Through schedules A to E, assistance was provided to 336 businesses. Of those, 251 were approvals to aboriginal applicants. Again, in keeping with our efforts to promote opportunities for aboriginal businesses, I am also pleased to note that contributions to aboriginal businesses accounted for 75 percent of the approved total. Contributions to businesses totalled $4.8 million which levered an additional $4.3 million in equity investment and $15.3 million in other financing, injecting a total of $24.4 million into the economy.
Schedule G, the Community Initiatives Program, provided $7.5 million for 240 projects to community and regionally based organizations. Contributions to aboriginal organizations made up 95 percent of total approvals. These projects, which often involve infrastructure development, training and market development, lay the groundwork for economic growth in the future. Finally, Mr. Speaker, I would like to acknowledge all businesses and organizations that continue to support our northern economy. Through vision, determination and hard work all of us will continue to build the north together. Mahsi cho.
--Applause