B.C. launches $400M fund to invest directly in private projects

British Columbia announced a $400 million Strategic Investment Fund to make direct investments and loans to private-sector projects, and officials say it will support the province's Look West strategy to attract major international and defence-related investment.

British Columbia has launched a $400 million Strategic Investment Fund to provide direct investments and loans to private-sector projects. Premier David Eby said the fund was flagged in last week's provincial budget and will let the government share in the future success of businesses that turn a profit. Officials present the fund as part of the government's Look West strategy to secure new private-sector investment over the next decade. Eby said it is intended to help the province compete for major international projects, including ones tied to defence, life sciences and maritime industries. Key details: - The fund is $400 million and will make direct investments or provide loans to private projects. - The government says it will seek profit-sharing agreements and equity stakes when projects turn a profit. - The fund is described as a component of the Look West strategy, which aims to attract substantial private-sector investment over 10 years. - Officials compared the fund to similar investment vehicles in Ontario and Quebec and said it might secure projects with defence applications as federal defence spending rises. - The announcement came amid separate controversy over a proposed expansion of the provincial sales tax to professional services, which business groups opposed and Premier Eby defended. Summary: The province says the fund will anchor major investment in British Columbia and help the government participate in federal defence-related spending commitments while supporting other sectors such as life sciences and maritime. Business groups have raised concerns about the broader budget, notably a planned expansion of the provincial sales tax; Undetermined at this time.