Recapitalizing the Island Coastal Economic Trust

Sep 16, 2022

Thanks Mayor Elect Nicole Minions and Ronna-Rae Leonard, MLA for working together to get the Province to recapitalize the Island Coastal Economic Trust.
Bob Wells

Mayor, City of Courtenay

Created and capitalized by the Province of British Columbia in 2006, the Island Coastal Economic Trust has been at the forefront of economic diversification, planning and regional revitalization in the Vancouver Island and Sunshine Coast region.

Independently governed by a Board of Directors and two Regional Advisory Committees which include more than 50 locally elected officials, MLAs and appointees from the Island and Coast, this exceptional team of leaders collaborate to set regional priorities and build vital multi-regional networks.

Through a community centered decision-making process, funds are invested in a wide range of economic development and community building initiatives.

To date, over $55 million in funding has been approved to support more than 280 projects resulting in total regional investments of more than $300 million, creating an estimated 2600 construction phase jobs and 2750 long-term permanent jobs.

In early 2018, the Province of British Columbia provided a new funding infusion of $10 million to enable ICET to pursue its work in the region and support the development of a robust technology and innovation sector.

The specific region where the Trust may invest is defined on the map.