Translations

FONDACTION commits 30 million dollars in support of sustainable development projects in Montreal

7. Community involvement

Community development

Sector Finance / Bank / Insurance

Year 2009

Country Canada

Transmitter

Context

Created in 1996, Fondaction, the Fund of Development of the Confederation of National Syndicate for Cooperation and Employment (CNS), is a fund for workers in Quebec who are part of a network of institutions established by the CNS. Beside its initial mission, of creating and maintaining employment with investments from companies in Quebec, the fund also has the more specific objective to help companies invested in the process of participative management, as well as socially responsible companies (cooperatives, and the like.)

The Fund favours particularly companies interested in the environment, and sustainable development.

Its net assets which reached 581 millions dollars as of May 31, 2009 come from retirement savings of the 87000 share holders.

In February 2009, Fondaction announced the creation of a new real-estate investments fund, “Fonds immobilier Angus” (Angus Real Estate Fund), which intervenes in urban regeneration projects emphasizing a sustainable development approach, with an initial fund base of 30 millions dollars.

Objectives

To support structured real estate projects with significant local benefits such as the creation of new jobs, sustainable development, and the establishment of a positive relationship with the local community.
To offer business, community and social development prospects.

APPROACH

The “Société de Développement Angus” (SDA), created in 1995, manages the fund. SDA is a pioneer in questions of sustainable development. In fact, the company has a 10 year experience in urban regeneration initiated with the creation of the Angus techno pole, a park of companies combining innovation and eco-friendly amenities for 1150 workers, which received in 2008 the LEED-ND certification, a first in Quebec and Canada.

Fondaction accompanies the SDA in this approach since its beginnings, and is its main financial partner since 2004. In this context, the FIA translates the logic continuity of an existing partnership between Fondaction and the SDA which rests on the support of socially responsible projects.

The fund will be the main financing agency, along with other public and private agencies such as the Caisse d’économie solidaire Desjardins, of one of the most important development project of Neighbourhood entertainment in the city, with the construction of the 2-22 a “green” building which will hold cultural establishments and that should revitalise, revive life in the neighbourhood. Paul Andreu who just completed the Opera of Beijing is one of the architects involved with the project.