The province announced Wednesday its funding plan to spur long-term economic development for rural municipalities across Alberta.
As part of the 2023 budget, the province has allocated $1.125 million — an increase of $675,000 from previous years — for regional economic development alliances (REDAs): “independent, non-profit organizations made up of member municipalities and regional stakeholders that work together to promote long-term economic development and prosperity,” according to the province.
Each of the nine REDAs will receive $125,000 to develop solutions tailored to their communities’ specific needs as part of the Economic Development in Rural Alberta Plan.
The REDAs help support small, local businesses to grow through supports, including networking and community relationships, creating business plans and helping guide them towards success, said James Carpenter, chair of the Central Alberta Economic Partnership, whose region includes 30 municipalities and three First Nations groups.
“Nobody knows their local economy better than REDAs, which bring awareness of provincial and municipal initiatives. Each area has its own specific needs and goals, and this additional support will increase their ability to develop local solutions to economic needs while supporting the improvements that their region needs,” said Brian Jean, minister of jobs, economy and northern development.
Carpenter said that “a lot of our municipalities do not have economic development officers or the supports they need.”
Rural Alberta is poised to be in a solid position for economic growth and development as the province moves away from its heavy reliance on oil and gas and begins to shift towards sustainable food and farming resources, he said.
The nine locations include the Alberta Southwest Regional Alliance, Battle River Alliance for Economic Development, Central Alberta Economic Partnership, Grizzly Regional Economic Alliance Society, Northeast Alberta Information Hub, Palliser Economic Partnership, Peace Regional Economic Development Alliance, Regional Economic Development Initiative for Northwest Alberta and SouthGrow Regional Initiative.