Mr. Speaker, I would like to thank the hon. member, and especially members of his committee, who made some very important recommendations.
I am pleased to report to the House that as a result of those representations and the guidelines set out in the budget that as of April 1 the Department of Western Economic Diversification has changed its fundamental approach to funding. We are now out of the direct lending or contribution business to individual enterprises. Instead we are now working with financial institutions to set up a network of investment capital pools across western Canada.
I can report that the Royal Bank, as it indicated last week before committee, is now prepared to join with us in setting up a very large investment capital system for the agriculture biotechnology industry. We have several other investment pools ready to be initiated that will provide a whole new system of investment capital for western Canada which will be the spur for real growth and real jobs.