Mr. Speaker, as the minister responsible for the Atlantic Canada Opportunities Agency, it is my responsibility to help build a stronger economy in Atlantic Canada, and I take the job most seriously.
In discharging my responsibilities, I know I have a caucus and colleagues from across Atlantic Canada who share my belief that the Government of Canada can and must make a meaningful contribution to regional development in this country.
Our government's commitment to this principle was underscored in the Speech from the Throne, which reads:
Canada's regional economies are a vital source of economic strength and stability. Support for regional and rural economic development will target the fundamentals...by employing the regional agencies and tools such as the Atlantic Innovation Fund.
The Prime Minister himself summed it up best in his reply to the Speech from the Throne when he said:
We believe that Canada is strongest when all parts are strong.
That is what Canada is all about and that is why ACOA exists. What it does is work in partnerships with universities and colleges to generate more research and development; with banks and other commercial lenders to make sure that entrepreneurs have access to capital to start and grow their businesses; with other federal departments and provinces to promote trade and investment; and with tourism industry associations to market and promote the region as a prime tourism destination.
Now I would like to turn to some of the politically motivated allegations made by the hon. member. First and foremost, the member should know that 100%, that is each and every investment decision made by the agency, is based on due diligence and careful assessment by ACOA officials on a business plan or a project proposal.
As I have pointed out on a number of occasions, since 1996 ACOA issues repayable loans to commercial clients instead of grants. Ninety-eight per cent of ACOA's business loans, including all those below $500,000, are approved, not by the ACOA minister directly, and certainly not by other members of Parliament, as has been suggested, but by the agency's senior executives in the four Atlantic provinces.
The average funding per project provided by ACOA is in the order of $156,000. It is very clear that the ACOA minister does not even see the vast majority of these applications.
Secondly, it is worth noting that the Auditor General of Canada has undertaken two comprehensive audits of the agency, one in 1995 and the other in 2001, and found on both occasions that the management practices at the agency were very good.
Finally, one of the ideas that has been put forward by the member for New Brunswick Southwest is an arm's length board of directors that would have final say in all funding applications.
ACOA does have an advisory board comprised of highly capable and dedicated Atlantic Canadians. They meet regularly and provide valuable advice to the minister on a variety of policy and strategic matters.
Prior to 1993, the board had 18 members who were involved in making recommendations to the minister on all projects over $500,000. In 1994, the government asked Dr. Donald Savoie to review the board's role. On the strength of his findings, not only did we significantly reduce the number of members but we also ended the board's involvement in reviewing and recommending funding approvals. That role now rests with agency officials who live and work in communities across the region.
The reality is this. ACOA is making a difference. It is making a difference in Gander, Truro, Bloomfield, Glace Bay, Bathurst, Antigonish and it is making a difference in St. Stephen.
I urge the hon. member to tone down the rhetoric and work with all Atlantic Canadians to move the region forward.