Mr. Speaker, I wish to thank my colleague from New Brunswick on the opposite side of the House. It is a pleasure to be here this evening to address this question. I know we have little time in question period to do it and I hope to expand on the answer this evening, so that there is a better understanding.
The $6 million loan has been approved and the funds have been ready for some weeks. The Atlantic Beef Products plant was seeking support and received it from this government. The Government of Canada is committed to helping Canadians in all regions of Canada. Since taking office our government has stepped up to the plate and we have provided the leadership Canadians want and deserve.
We have taken action through my department, the Atlantic Canada Opportunities Agency, to encourage growth and foster economic success. This includes a one time investment of $6 million from our government to Atlantic Beef Products.
The hon. member will be interested to know that the provisions for the repayment of the loan allow for the gradual development of the value added products that the plant must produce. With matching provincial contributions, that means a total investment of $12 million. This investment is being loaned to help make Atlantic Beef Products the only federally inspected beef processing facility in the Maritimes become more efficient and competitive, and encourage the development of new products and markets.
Because our government in partnership with the three maritime provinces took action, the only federally inspected beef plant was able to remain open. Because our government listened to Canadians, we were able to save 350 direct and indirect jobs in Atlantic Canada, jobs that are keeping Atlantic Canadians home, spending their hard earned money in local stores, buying local products, supporting local businesses, and generating economic activity that benefits the entire Atlantic economy.
Our government understands the importance of helping communities, small and large, urban and rural, to help them prosper and keep local industries competitive. That is why on December 9, 2007, my colleague, the member for Central Nova, announced the $6 million federal investment. This investment reaffirms our government's confidence in the maritime beef industry. It is a sign that this government is standing up for Canadians and for Canada's traditional businesses.
Our national government is all about action. Since taking office, our government has announced more than $761 million in over 1,000 projects across Atlantic Canada. Our government continues to support ACOA, so it can help further strengthen Atlantic Canada's economic advantage.
Our government is getting things done in Atlantic Canada. The results speak for themselves. They clearly show that this government is successfully tackling the economic development issues that are facing the Atlantic region.