Mr. Speaker, our government is aware of the challenges faced by Quebec regions.
My colleague's question gives me an opportunity to remind him that the mandate of Canada Economic Development for Quebec Regions is to support the economic growth of all Quebec regions, and every effort is made to do just that.
I would like to provide the House with a few figures that illustrate the activities of Canada Economic Development since 2006: 5,511 projects funded, more than $2.5 billion in contributions approved and nearly $10 billion in total investments.
I would like to point out that my colleague and his party have always opposed these projects. Canada Economic Development's approach is tailored to the challenges faced by businesses and the regions to help them fully participate in the economy while building on their assets.
Our efforts have fostered entrepreneurship, business productivity, exports, trade and innovation throughout Quebec. Through its 12 business offices, Canada Economic Development has a presence strongly rooted in all regions of Quebec. Proponents are supported in their development efforts and their search for funding.
Canada Economic Development is still the Government of Canada's main economic representative in Quebec. Canada Economic Development carefully manages the public money with which it is entrusted.
In fact, it maximizes the use of the funds at its disposal, which means that Canada Economic Development may carry over funds to subsequent years, in order to adapt to the pace of developers.
As part of its Quebec economic development program, Canada Economic Development also helps strengthen the economy in communities and regions that are struggling with economic development issues, through targeted, specific support.
Canada Economic Development continues to support communities with the Canadian initiative for the economic diversification of communities reliant on chrysotile, launched in June 2013, which will receive $50 million over seven years. To date, 22 projects have been funded and $10.7 million in contributions have been approved, for a total of $34 million in investments.
The team works on the ground with developers to help them in their development and diversification activities and to ensure that all of the funds are granted and that they are put to the best possible use over the course of the initiative.
After the disaster in Lac-Mégantic in July 2013, we quickly launched the economic recovery initiative for Lac-Mégantic, with a $35 million envelope over seven years.
The envelope is divided as follows: reconstruction assistance of up to $20 million; direct assistance to companies and not-for-profit corporations of up to $10 million; and assistance in the form of two investment funds of up to $5 million, managed by the Société d’aide au développement de la collectivité de la région de Mégantic.
To date, 17 projects have received funding and over $15 million in contributions has been approved, for a total investment of nearly $35 million.
The team responsible for implementing this initiative is on the ground and will continue to support stakeholders' efforts to stimulate the economy in the coming years in order to ensure that all of the funding for this seven-year initiative is used as effectively as possible.
These are just a few examples of how the measures being taken by Canada Economic Development are well suited to Quebec's economic realities and how they contribute to business development and the vitality of all Quebec communities.
I would like to come back to how we are using the funding we have been allocated judiciously. By way of example, in 2013-14, Canada Economic Development's budget was nearly $308 million. The organization's actual expenditures for that same year were approximately $269 million.
Nearly $37 million was rolled over for use in subsequent years in order to meet future needs. Of that amount, $34.2 million was rolled over for later use in order to adjust to the pace of the economic recovery and the efforts to rebuild Lac-Mégantic's downtown. Since this initiative will be implemented over a period of seven years, the rollover of funding will be adjusted accordingly.
That means that 99.5% of the total budget for 2013-14 was and will be used.