Thank you. Sorry about that.
Our Atlantic Canada airports move nearly eight million passengers per year. We're not only moving a substantial number of passengers and important cargo in and out of Atlantic Canada; we are moving the fly-in, fly-out workforce and enabling the growth of the regional economy. Atlantic airports generate over $4 billion in economic activity every year, supporting 46,000 person-years of employment.
While air transportation and airports have come a long way, some challenges remain. The creation of the national airports policy back in 1994 resulted in the transfer of the financial responsibility for airports from the Government of Canada to the community. This financial model has resulted in a net transfer of funds from aviation to the Government of Canada, which, for example, in 2017 was $368 million in the form of airport rent.
However, only a small fraction of those funds that are contributed to government go back into the aviation system. In fact, in 2017, approximately 10% or $38 million was invested through the airports capital assistance program, ACAP.
Since 2000, the funding in this program has not changed, while the cost of doing business over this time has risen considerably. The airports capital assistance program needs a dramatic increase in funding to support small airports across the country, many of which have runway refurbishments coming due.
As I mentioned, Canada's airports pay $368 million a year to the federal government in airport rent. Canadian airports are recommending eliminating rents for all airports with fewer than three million passengers, which would amount to approximately $10 million of the $368 million paid to the federal government last year. In addition, we would like to see a cap on rent for other airports, so that it no longer continues its upward climb.
Airports are closed-loop systems. Any reduction in rent would be passed on through lower airport charges and debt requirements.
To put airport rent in context, in Atlantic Canada in 2017, Halifax Stanfield International Airport paid over $7 million, and St. John's International Airport paid over $2.6 million. As well, five additional airports began paying rent in 2016, creating an additional financial burden, which will continue to grow over time for these smaller airports. For example, Greater Moncton International Airport paid $450,000 in federal rent in 2017, and that is expected to rise to $540,000 in 2018.
Meanwhile, with the introduction of new regulations expected this year, each airport with more than 325,000 passengers will be required to add 150-metre runway end safety areas, or RESAs. To complete this, Greater Moncton International Airport will need to borrow over $4 million to meet this new regulatory requirement.
While our airports fully support initiatives designed to improve safety, the regulatory cost burden is becoming exorbitant for smaller airports. For airports with under three million passengers, rent paid to the federal government could be better invested into airport safety infrastructure requirements like RESAs.
In regard to improving trade and export at airports, many airports across the country and here in Atlantic Canada have applied to the national trade corridors fund, proposing projects that reduce bottlenecks and address capacity issues for national trade. However, the NTCF is heavily subscribed. With a budget of $2 billion over 11 years, the government received $27 billion in applications with the first call for submissions, and only 37 projects across the country were approved in this first phase. The funding envelope in the program should be increased to assist with worthwhile projects that improve trade in Canada.
Again, thank you for your support for airports in budget 2018. We look forward to working together to further the economic prosperity of our region and this country.