The investment arm of the Quebec government, which oversees $5 billion, will see its size double, its budget increase and its aversion to risk slackened so as to “make private investment explode in all the regions of Quebec,” as Premier François Legault said. (La Presse canadienne)
Talking point: Created in 1998 as a way to promote “Québec as a propitious location for investment,” IQ provides much of the muscle behind the province’s staunch economic nationalism. Its subsidizing of video-game producers has turned Greater Montreal into the world’s fifth-biggest gaming hub. IQ hasn’t been particularly risk-averse in the past—particularly when it comes to doling out millions to Bombardier and Ciment McInnis, two chronically underperforming assets controlled by Quebec’s powerful Beaudoin clan. Revamping the institution has been a priority of the premier—“Legault is obsessed with Investissement Quebec,” a senior Coalition Avenir Québec source told The Logic; today’s moves give more discretionary power over IQ’s bounty to Economy and Innovation Minister Pierre Fitzgibbon, the source said.