Government of the Northwest Territories invests close to $18 million in economic development in the North

Yellowknife — November 20, 2018
News Releases

Earlier this month, the Minister of Industry, Tourism and Investment, Wally Schumann tabled the 2017-2018 Grants and Contributions Report which details $17.6 million in economic development and diversification investment by the Government of the Northwest Territories (GNWT). 

 

The annual report documents financial contributions made through the Department of Industry, Tourism and Investment (ITI) to individuals, entrepreneurs, businesses, governments and other organizations, with initiatives supporting economic development during the 2017-2018 fiscal year.

 

These investments are part of the Government of the Northwest Territories’ commitment to increase overall economic development and diversity by stimulating positive entrepreneurial and investment environments based on regional economic strengths.

 

Quote

“The Government of the Northwest Territories works every day to support entrepreneurs, Indigenous and community governments, and other organizations in driving economic development across our territory. I’m pleased by the results in the report, and look forward to building on this work.”

 

-Wally Schumann, Minister of Industry, Tourism and Investment

 

Quick facts

  • The report is broadly broken down into three key priority areas:
    • Business services — $8.51 million invested
    • Economic diversification — $7.51 million invested
    • Natural resources — $1.61 invested
  • In 2017-2018, $3.84 million was delivered under the Support to Entrepreneurs and Economic Development (SEED) Program based on 445 successful applications from 376 unique applicants.
  • Under the SEED Program the Strategic Investments Stream was piloted and now allows for one-time contributions of up to $75,000 for regional initiatives. This investment stream was piloted in 2017-2018 and extended through the current fiscal year.
  • Tourism contributions formed 30% of the total grants and contributions allocations at approximately$5.3 million

Relevant links

 

For more information

Mike Westwick

Senior Communications Officer

Industry, Tourism and Investment

Mike_Westwick@gov.nt.ca

1-867-767-9202 ext. 63039