Now the Minister of Finance

Next up – Our Minister of Finance gives his take on the deal!

November-08-2006

CBC Cross-talk with Anne Budgell

Caller:

Minister Sullivan – I know this might be a hot or touchy topic but what that 15 million dollars that was handed over to the cable company in the budget?

Loyola:

No it was not - that's money that government announced that their willing to participate over the next two years beginning in 07-08 budget and following in 08-09 budget - not a penny spent nor will be until it goes through the budget in the budget approved next spring. And ah it was an it was an investment I think by other companies of in the vacinity I think the total project I remember is about 55 million of which government would have an equity part of 10 million and the expenditure by the companies I think would be in the 35 (million) range by ACOA and the Federal Government ah one of the Federal Government departments to around 10 (million) and the province would be 10 (million) and it would be 35 (million) of private money from these other companies.

Caller:

So the Province is getting equity in that company?

Loyola:

They will get equity in the company to the tune of their investment in the company.

Caller:

Well – that’s excellent because all I’ve been hearing on the news and that is that there was just money handed over – no equity – no nothing – just here you go thank you very much see you later you know. This is what I heard on the radio and that.

Loyola:

No that’s not factual – in fact ah we’re looking at ah equity in the company there – there’s ah – we wanted to advance the opportunities to be able to bring business here and compete at a level footing and other parts ah – I won’t get into all the specifics of the program but – no there’s no money being spent on it – no money being handed over ah that will go through the regular channels ah it will – it’s planned on being spent over the next two fiscal years beginning in 07-08 fiscal year and the last half in 08-09 fiscal year.