FCNQ gets help from Quebec

The Fédération des Coopératives du Nouveau-Québec in Baie d’Urfé will receive a $7 million guarantee on its $11 million line of credit, Geoffrey Kelley, MNA for Jacques-Cartier, announced last month at a board meeting of the FCNQ.

The guarantee, provided through Investissement Québec, will help finance the FCNQ’s oil distribution operations.

“Northern Québec co-ops have become a major economic force by getting together, taking charge of their development, and investing their own money in it,” Kelley said.

To date, Investissement Québec has also invested $33.9 million in the FCNQ.

The FCNQ’s president, Pauloosie Kasudluak, Johnny Adams, chairman of the Kativik Regional Government, and Anthony Ittoshat of Makivik Corporation, reminded people who attended the board meeting that the network of 14 co-ops is an economic force in Nunavik, earning revenues of $140 million and providing jobs for 250 people.