Montréal, June 14, 2012 - When Investissement Québec tabled its annual report in the National Assembly today, Sam Hamad, Minister of Economic Development, Innovation and Export Trade, said, "I am delighted with the results of the new Investissement Québec for the first fiscal year. They exceed the objectives set out in the strategic plan. This is an excellent start for the new corporation."
Investissement Québec carried out more than 1,400 financing operations worth $885 million. The financing will support investment projects of close to $4.6 billion that will help create and retain more than 12,000 jobs.
"In its first year, the new Investissement Québec managed to set up a unique corporation while maintaining the quality of services offered to Québec entrepreneurs," said Jacques Daoust, President and Chief Executive Officer of Investissement Québec. "We were able to do this thanks to efforts by all our employees."
More than 40% of the financing was granted to support investments by businesses in innovation and improved productivity. Close to 35% of the financing went toward projects in the natural resources sector. Finally, about 20% of the financing was awarded to projects in the technology sector.
The Corporation also contributed to 59 foreign investment projects worth $1.64 billion. These projects are expected to create more than 2,700 jobs.
The $15-million reduction in administrative expenses, requested by the government when the merger was announced, was achieved a year earlier than expected.
Investissement Québec posted net earnings of $55 million, whereas the goal set out in the strategic plan was $29 million as of March 31, 2012.
"Much has been accomplished in this first fiscal year," Daoust said. "One thing is clear: the new Investissement Québec has been supporting the ambitions of Quebecers since day one."
Investissement Québec's 2011-2012 annual report is available on our website.
To receive Investissement Québec press releases in real time, subscribe to the following RSS feed:
Source and information:
1 866 870-0437