STAY CONNECTED: Have the stories that matter most delivered every night to your email inbox. Subscribe to our daily local news wrap.

Island Coastal Economic Trust lands cash from Province

Feb 17, 2017 | 11:37 AM

NANAIMO — A significant injection of B.C. Government money will help fund economic development projects on the south coast.

Parksville-Qualicum MLA Michelle Stilwell announced a $10 million investment to the Coastal Economic Development Trust (ICET) at a news conference on Friday morning in Nanaimo.

ICET chair and Duncan mayor Phil Kent said the new money is badly needed.

“We have made great investments…but we were starting to run down on our funds, we’re just really thankful that the Province saw the good work.”

Kent said ICET has funded more than 160 projects on the island north of the Malahat, the sunshine coast and central coast, since the group’s inception in 2006. He noted ICET benefited from a $50 million injection from the B.C. Government more than a decade ago, but said Friday’s announcement will help them leverage more gains in a time when the economy is humming along.

Kent believed ICET’s track record of well-researched funding requests worked in their favour to attract the new money.

“We’ve created 2,600 permanent jobs and 2,500 construction jobs during that investment, so that’s great bang for the buck,” he said.

Kent said most of the projects they fund go toward local governments, non-profit groups and First Nations. He stated all projects require matching funding and are guided by their board of directors.

Stilwell said the Province was pleased with how the independent organization operated.

“They have the regional advisory panels, they really taking it from the grass roots and recognizing that the people that live in those communities really know what the needs are,” Stilwell said.

Ian.Holmes@jpbg.com

Twitter: @reporterholmes