Montréal, June 14, 2013 – As Investissement Québec’s annual report including its sustainable development report was tabled with the National Assembly today, Nicolas Marceau, Minister of Finance and the Economy, said, “I’m delighted with Investissement Québec’s results, which have exceeded the objectives set in its strategic plan, despite the uncertain economic situation. The Corporation is continuing to support Québec entrepreneurs so that they can invest to improve their competitive position.”
During the fiscal year ended on March 31, 2013, Investissement Québec and the Economic Development Fund, which the Corporation is responsible for administering, authorized and committed to more than 1,600 financing operations totalling $2.3 billion. These operations will support investment projects worth $4.7 billion and are expected to create or maintain close to 16,890 jobs.
“These results wouldn’t have been possible without the Investissement Québec team—men and women devoted to economic development and skilled at adapting to a changing work environment. With a 93% satisfaction rate among clients and a 95% rate among financial partners, our employees have lived up to their excellent reputation,” said Jacques Daoust, Investissement Québec’s President and Chief Executive Officer.
The unstable global economic situation has dampened the enthusiasm of foreign investors. Despite the climate of uncertainty, the Corporation contributed to the completion of 65 foreign investment projects, surpassing its annual target. Valued at $1.1 billion, these investments will result in the creation or retention of more than 4,500 jobs.
Investissement Québec also generated a profit of $101 million, representing a return on equity of 4.06%, compared with a profit of $55 million or a return of 2.44% the previous fiscal year.
“This year was exceptional on the financial front, with the return on our equity increasing by 66%. Through these results, the Corporation has once again demonstrated its concern for the sound management of public funds,” Daoust added.
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