The provincial government is committing to more than double the funding which goes to regional economic development alliances, including the Peace Region Economic Development Alliance. Each organization, which are made up of member municipalities and stakeholders, can rely on receiving $125,000 from the province out of the $1.125 million commitment.
Minister of Economy and Northern Development Brian Jean says these organizations know their local economies best, giving them an in-depth understanding of what is needed in the region. He adds the additional funding will help these groups develop targeted solutions for their area’s economic hurdles.
“Each area has its own specific needs and goals, and this additional support will increase their ability to develop solutions to economic needs while supporting the improvements that their region needs.”
The solutions could be done through investment and labour attraction/retention, industry diversification, and strategic economic development planning.