On Wednesday, October 28th, Mr. Michael Toye, Executive Director of the Canadian CED Network, made a formal presentation to the House of Common's Standing Committee on Finance (FINA). Toye's presentation, which was part of the Pre-Budget Consultations 2009, emphasized the importance of addressing the immediate needs of the most vulnerable Canadians who have been hardest hit by the economic downturn.
Toye emphasized the need for greater investment in Community Economic Development. "For this sector to continue to grow, we need modifications to federal policies and programs similar to what has been done in other jurisdictions internationally and provincially," said Toye.
Toye further outlined how a cooperative investement plan is one option that could help alleviate poverty, strengthen communities, and build fairer local economies.
"The cost of such a plan at the federal level is estimated to be $17 million to $20 million per year but would generate some $120 million per year of new investment in Canada."