Thank you, Mr. Chair, for the opportunity to address the committee. I will be similarly brief.
I'm pleased to be here today to report on Industry Canada's progress on its commitments under the Economic Action Plan, which was passed at the end of March of this year.
After this presentation, I would be pleased to answer your questions. Today, I will speak to you more particularly about the Marquee Tourism Events Program and the Canadian Youth Business Foundation.
I ask committee members to keep in mind that the program is much broader than those two initiatives. In a relatively short period, Industry Canada has announced programs that will support the building of new recreational facilities in communities across the country, increase the availability of broadband services in rural and remote areas, update infrastructure at universities and colleges from coast to coast, and update and modernize federal research facilities.
I would first of all like to talk to you about the $100 million allocated to the Marquee Tourism Events Program over two years. This program's objective is to assist well-established, annual tourist events that have a track record of good programming and excellent management, as well as attracting a high number of tourists.
The program funding will result in more foreign tourists coming to Canada, which will help our tourism industry to overcome the difficulties related to the global economic crisis. Last April and June, the government announced funding for 10 events chosen within the framework of the summer 2009 program. This allocation was intended to provide critical financial assistance quickly to the tourism sector.
Let me now turn briefly to the Canadian Youth Business Foundation. As committee members know, small business is a key economic engine of the Canadian economy, and we're investing a further $10 million in the Canadian Youth Business Foundation.
This $10 million government funding will help many young entrepreneurs discover the challenges and joys of managing their own small business. Under the foundation's loan program, young entrepreneurs can borrow up to $15,000 in start-up funds. In order to be eligible, applicants must be between the ages of 18 and 34, demonstrate that they are committed to starting up or ensuring the growth of their business in Canada and agree to work with a mentor.
Since 1996 the foundation has helped over 3,000 young entrepreneurs create more than 15,500 new jobs. Under the knowledge infrastructure program, Industry Canada has begun to commit funding that will total $2 billion to support new buildings and facilities at universities and colleges. The program responds directly to needs identified by universities and colleges, including affiliated research hospitals, CÉGEPs, publicly funded polytechnical schools, and institutes of technology across Canada.
For its part, the Recreational Infrastructure Canada Program will invest $500 million to help Canadian communities build and upgrade arenas, pools and other recreational facilities.
Within the framework of another initiative intended to offer broadband services to rural and distant communities, we will invest $225 million to ensure that modern communication services are not only available in major centres and cities.
In conclusion, the department remains committed to the timely and targeted delivery of stimulus funds and to all these important programs. These initiatives are helping to lay a strong foundation for Canada's long-term prosperity.
Mr. Chair, this concludes my formal remarks. I thank you for the opportunity.