The investment will enable initiatives worth USD 540 million over the next seven years to provide support to the wood processing sector and invest in reforestation efforts.
Nov 25, 2024
In order to support its forestry sector over the next five years, the Québec government has announced an investment of USD 252 million.
As per an official statement, the investment will enable initiatives worth USD 540 million over the next seven years to provide support to the wood processing sector and invest in reforestation efforts.
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Besides, a financial assistance of up to USD 100 million in the form of loans would be granted to those involved in wood processing businesses.
Taking a step towards reforestation, the governments of Québec and Canada have agreed to plant more than 100 million trees in public and private forests by 2030-2031.
The Canadian government has also committed to contribute USD 220 million under the two billion trees program to further the Québec government’s efforts aimed at increasing reforestation, particularly in unproductive sites and areas affected by natural disturbances, and to ensure tree planting maintenance, bringing the total investment to USD 440 million.
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“The forestry sector plays a key role in Québec’s economy and the development of its regions. The initiatives we are announcing today bring to more than USD 1 billion the sums invested by our government since the fall of 2023 to help this sector,” said Mr. Eric Girard, Minister of Finance and Minister Responsible for Relations with English-Speaking Quebecers.
