Alberta’s government is strengthening the work of regional economic development alliances to support economic growth and prosperity throughout the province.
Through Budget 2023, the Alberta government is more than doubling its support for the nine regional economic development alliances (REDAs) in the province.
Through this $1.125-million commitment, each REDA can rely on $125,000 of funding to increase their efforts to support economic growth and diversification throughout Alberta.
Locally, this increase will benefit Northwestern Alberta’s REDAs, which are PREDA (Peace Regional Economic Development Alliance) and REDI (Regional Economic Development Initiative). Together these REDAs account for approximately 25% of Alberta’s landmass.
REDAs are independent, non-profit organizations made up of member municipalities and regional stakeholders that work together to promote long-term economic development and prosperity. The additional funding will support their work to develop tailored and targeted solutions to their area’s economic requirements. These may take the form of investment attraction, industry diversification, labour attraction and retention, and strategic economic development planning.
“Being from the most northern community in Alberta and longtime chair of the REDA here, I have experienced first-hand the important role these associations play within their communities,” said Lisa Wardley, Mackenzie County Councillor and REDI Chair. “The REDAs are in tune with their communities and able to respond to the diversity that makes up this province. I truly believe that REDAs play a key role in the viability of rural communities and are the backbone of their economic development.”
The $1.125 million to REDAs in Budget 2023 represents an increase of $675,000 from previous years, when they received a combined total of $450,000 per year.