Province announces new first-of-its-kind $500-million strategic investment

VICTORIA, B.C. – Premier John Horgan and the Minister of Jobs, Economic Recovery and Innovation, Ravi Kahlon, …

VICTORIA, B.C. – Premier John Horgan and the Minister of Jobs, Economic Recovery and Innovation, Ravi Kahlon, have announced a first-of-its-kind strategic investment of $500-million.

InBC will provide B.C.-based businesses with capital to work together to position the province as a front-runner in the economy post-pandemic.

The operations of InBC Investment Corp. were developed with consultation with business and investment sectors. It will focus on driving innovation, sustainability, and inclusiveness for B.C.’s economy. InBC will also help attract investment, create jobs to support families, and diversify the province’s economy.

This $500-million funding will invest in high-growth businesses in the province and leverage investments from private and public sectors to help businesses in the province grow.

InBC will follow a “triple bottom line” mandate for investing, which aims to:

“As we deal with the challenges of COVID-19, we must lay the foundation for a strong and vibrant economic recovery,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation. “The global economy is undergoing rapid changes, and InBC will position our province for the long term. Helping fulfill our goals of growing innovation, attracting investment, and creating jobs, this strategic investment fund will ensure B.C. remains competitive as we invest in our low-carbon future.”

This new funding will operate independently from the government, with any investment decisions made by the chief investment officer and a team of investment professionals. The chief officer will be accountable by the board of directors, which is expected to be in place next month, with the chief investment officer to be in place by the fall.

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