OTTAWA, Ont. -- Unused funds from the Asia-Pacific Gateway and Corridor Initiative (APGCI) will be invested back into the gateway, federal International Trade Minister Ed Fast announced.
Sometimes, funds made available under the APGCI aren’t spent, for a variety of reasons, but Fast committed to ensuring the money will find its way into improving the gateway one way or another.
He will soon issue a call for proposals, which will reallocate $50 million in unspent funds towards infrastructure and short-sea shipping opportunities.
The funding will facilitate projects that will support Asia-Pacific trade and boost the competitive advantage enjoyed by the gateway, the government announced.
“Our government is committed to helping our exporters reach fast-growing Asia-Pacific markets by continuing to boost Canada’s competitive advantages,” said Fast. “That is why we are ensuring that all of the funds committed to helping better facilitate Canadian exports to Asia are utilized. New projects will help create jobs, growth and prosperity in local communities and ensure the Asia-Pacific Gateway remains North America’s gateway of choice to Asia.”
Applications for the federal funding will be accepted up until Dec. 12, 2012. Any approved projects must be completed by March 31, 2016.