Harper announces plan to strengthen venture capital investment

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Prime Minister Stephen Harper, 4th from left, takes part in a photo opportunity with entrepreneurs at CBC headquarters Monday, January 14, 2013 in Montreeal.THE CANADIAN PRESS/Ryan Remiorz

MONTREAL – Prime Minister Stephen Harper has announced a plan to strengthen venture capital investment in Canada.

Under the plan, the government will aim to deploy $400 million to help increase private sector investments in the next seven to 10 years.

The Venture Capital Action Plan will make available $250 million to establish new funds led by the private sector.

As well, up to $100 million will be made available to recapitalize existing large private-sector funds.

There will also be a $50-million investment in three to five existing high performing Canadian venture capital funds.

Harper made the announcement in Montreal today.

The prime minister says the key to Canada’s global competitiveness depends on Canada’s venture capital industry having the resources to be sustainable.

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