Mr. Speaker, earlier today the Minister of Industry announced that Canada's technology triangle, comprised of the municipalities of Cambridge, Guelph, Kitchener and Waterloo, is one of 11 successful communities that will participate in the new Canada community investment plan.
The CCIP is an innovative program to facilitate access to equity capital for smaller firms with potential for growth. Under the CCIP the federal government partners with eligible communities to help their businesses grow so that they can create jobs and economic growth. Industry Canada will contribute two-thirds of the cost, up to a maximum of $600,000 per community over five years. The remaining third will come from the community.
The project will add economic vitality to Canada's technology triangle. That is part of the new economy, an economy where traditional industries modernize and new information and environmentally based industries are growing. It means more jobs and more research and development for the people in Canada's technology triangle.