IEF figures can’t be trusted: McNeil
Posted Nov 4, 2010 05:51:30 AM.
This article is more than 5 years old.
Nova Scotia’s official opposition says more transparency is needed to verify how money is being spent in the Industrial Expansion Fund.
The province released the fund’s numbers Wednesday, showing that in 2009-10 it loaned money to 23 businesses for capital purchases.
The figures also show it created 1200 jobs and “maintained” more than 2600 others.
Economic Development Minister Percy Paris says the province recoups three dollars for every one invested in the fund, and if it helps companies increase production, and that’s good for Nova Scotia.
Liberal leader Stephen McNeil says there’s no way of verifying those claims.
He tells Metro there’s no documentation or business case laid out for any of the loans, so Nova Scotians don’t know if they’re getting good value for their money.
