Thank you, Mr. Speaker. Mr. Speaker, the Business Development Fund is one of many incentives offered by the Department of Resources, Wildlife and Economic Development. Later today, I will be tabling a copy of the fund's annual report for 1996-97. I am pleased to make this information available to Members of the Legislative Assembly and to note some of the highlights which I feel outline the department's ongoing commitment to the private sector.
During the 1996-97 fiscal year, the department received 480 applications under this fund. A total of 421, or approximately 88 percent of these applications, resulted in contributions totalling over $5.5 million. The Business Development Fund was established to assist those businesses most in need, and consistent with previous years, the department has made the greatest number of contributions to level two and level three communities. During the 1996-97 fiscal year, Mr. Speaker, 76 percent or approximately $4.3 million went to these communities. In keeping with our efforts to promote opportunities for aboriginal businesses, I am also pleased to note that contributions to aboriginal businesses accounted for 82 percent of the total fund or $4,624,535 with the majority of these approvals going 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. Thank you.