March 26, 1998
(Education)

Government announces a major investment in education
with the creation of the Newfoundland & Labrador Investment Corporation

The Minister of Education, Roger Grimes, has announced the establishment of the Newfoundland and Labrador Education Investment Corporation to provide for the construction, renovation, extension and equipping of educational facilities throughout the province.

Government has provided a $50 million fund for the corporation over the next two years. "This is the largest single investment in educational infrastructure in the province since 1991-92," stated Mr. Grimes. "It's expected that this fund will significantly improve the schools in Newfoundland and Labrador and provide facilities and equipment that will meet the educational requirements of our children into the next millennium."

The corporation will ensure there is an orderly multi-year planning process to facilitate necessary construction and renovation projects.

The corporation will also use its resources to lever capital funding for education from other sources and will consider such avenues as private/public partnering and the use of the immigrant investor fund.

Contact: Carl Cooper, (709) 729-5040.