Madam Speaker, the future of all families in Cape Breton will be brighter as a result of the steps the government has taken to build a solid foundation for tomorrow.
Following the transfer of the responsibilities of the industrial development division of Devco to Enterprise Cape Breton Corporation in 1988, Devco's sole focus became coal mining. At about the same time, successive governments began mandating Devco to attain commercial viability. Unfortunately that goal was not attained.
The government has initiated a process to reshape the coal mining industry on Cape Breton island with the objective of maintaining up to 500 jobs in a commercial private sector coal mining business.
Bill C-11, the bill to provide Devco with the authority to sell its operations is now before the House. I would like to note that the member for Sydney—Victoria has indicated that there are some good things in the Devco divestiture bill.
Passage of this bill and the finalization of a sale will remove uncertainty about the future of coal mining in Cape Breton. Most important, finalization of a sale will also confirm the continuance of good solid coal mining jobs in a commercial private sector operation.
It is also important to look beyond coal mining. Since 1967 the federal government has provided over $500 million to diversify the Cape Breton economy, first through the industrial development division of Devco and beginning in 1988 through the Atlantic Canada Opportunities Agency and Enterprise Cape Breton Corporation.
Today the government continues to invest about $20 million annually in economic development on Cape Breton through ACOA and ECBC. The goal is and will continue to be to diversify the Cape Breton economy beyond coal.
In addition to this, we have allocated another $68 million to fund sustainable economic development initiatives in Cape Breton. The province of Nova Scotia is providing an additional $12 million for the same purpose.