In fact, the government announced that it would provide six new tools to strengthen the economies of the Gaspésie—Îles-de-la-Madeleine region and of Quebec.
One of these tools, called the Community Economic Diversification Initiative–Vitality (CEDI-VITALITY), will be particularly useful. Unlike the initiative mentioned by the hon. member, Fishing CEDI, which helped only the fishing industry, the new measure is aimed at a broader public and comes with a larger envelope. In other words, with CEDI-VITALITY, Economic Development Canada has improved on its previous initiative. In fact, in order to be more efficient, the government has merged Fishing CEDI and CEDI–Coulombe Report, combining them into a single, more effective and better-funded program.
In its new format, this measure covers more communities—a total of 795 municipalities—and groups together all of those previous covered by Fishing CEDI and CEDI–Coulombe Report.
The new funding, $85 million, is available for the next four years in order to complete projects in the seven regions of Quebec: Abitibi-Témiscamingue, Bas-Saint-Laurent, Côte-Nord, Gaspésie, Îles-de-la-Madeleine, Mauricie, northern Québec and Saguenay—Lac-Saint-Jean. Added to those regions are 21 regional county municipalities, which are also covered by this initiative.
The CEDI-VITALITY targets 21% of Quebec's population and gives the government much greater flexibility in terms of financial assistance.
The previous initiative provided for repayable or non-repayable contributions. With this new initiative, we can now make a non-repayable contribution, up to a maximum of $100,000, and pair it with a repayable, but interest-free contribution. I repeat: what is new is that we can make a non-repayable contribution, up to a maximum of $100,000, and pair it with a repayable but interest-free contribution.
This new measure therefore lets us contribute more to a project and yet remain able to provide funding in the form of non-repayable contributions.
The CEDI-VITALITY will support activities aimed at diversifying the economy and assisting SMEs, such as consultants' studies, projects involving the development of strategies and action plans, business startups and much more.
As the government and as a stakeholder in economic development, we have a duty to provide our SMEs and our communities with tools and resources to strengthen, renew and stimulate their economies.
Regarding assistance—