MONTREAL, May 10 /CNW Telbec/ - Société générale de financement du Québec (SGF) is proud to announce it has invested over one billion dollars in 26 companies thus contributing to Québec's economic development. This represents a total financial participation in projects of close to three billion dollars.
SGF's 2005-2009 review outlines the following accomplishments:
- involvement in 26 investment projects
- contribution through direct investments of over $1 billion
- total value of projects of $2,980 billion
- creation of 16,956 direct and indirect jobs in Québec's economy
- total payroll of $797 million
- protection for over 11,200 jobs in the manufacturing sector
SGF's management is pleased with the work that was accomplished over this five-year mandate. "We supported companies so that they could make their growth projects a reality, and our intervention had a significant economic impact, especially in the context of the past two years," said Pierre Shedleur, SGF's President and General Manager.
During these five years, SGF supported Québec's economy. It is the only institution to make all its investments in company projects based on three very precise strategic orientations. Despite the worst economic and financial crisis since the 1929, SGF's provisions (unrealized losses) were limited to $75 million for investments made during the 2005-2009 plan.
SGF is ever evolving
SGF as a positive outlook for the future. The impacts of the crisis are disappearing and signs of a recovery are emerging. Moreover, SGF has already made significant investments such as the partnerships with GLV Inc. and Agnico-Eagle worth respectively $8,7 million and $20 million and several other projects are yet to come
Société générale de financement du Québec (sgfqc.com), an industrial and financial holding company, has a mission to carry out economic development projects, particularly in the industrial sector, in cooperation with partners and in compliance with accepted profitability requirements and with the economic development policy of the Québec government. As part of its new mandate, SGF is authorized by the Québec government to go beyond its traditional role as an equity investor by offering complementary solutions, such as loans, debentures or preferred capital-share investments.
SOURCE SOCIETE GENERALE DE FINANCEMENT DU QUEBEC
For further information: For further information: Sophie Alarie, Senior Advisor, Communications and Public Relations, (514) 876-9368, email@example.com