Canada:
BC Launches InBC: $500M Investment Fund For Businesses
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The BC Government has launched InBC, a
new $500M investment fund designed to support high growth potential
businesses and drive economic growth in every region of the
province. Although details of the new investment program are yet to
be released, we understand that InBC plans to invest in small and
medium-sized B.C. companies in an effort to support growth that
will allow them to reach their highest potential while remaining in
BC.
This new initiative aligns with the Government’s goal to
create well-paying jobs across the province through a “double
bottom line” approach, delivering commercial returns and
achieving priorities that reflect the values and needs of British
Columbians. It also follows the BC Government’s recent
introduction of Benefit Companies which seeks to balance
commercial opportunities with public benefits by conveying special
status to businesses that promote positive social goals.
InBC’s investment decisions will be made by an independent
Chief Investment Officer and a team of professionals. These
decisions will be guided by the BC Economic Plan: A Framework for Improving
British Columbians’ Standard of Living, and the CleanBC strategy. InBC will be overseen by a
Board of Directors and will be required to submit annual reports
pursuant to the Budget Transparency and Accountability Act. The
audit of the financial statements will be overseen by the Auditor
General of B.C.
InBC is still in development and it is expected that its
investment strategy and criteria will be published during spring
2021. Further details will be provided as they become
available.
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