VANCOUVER – InBC Investment Corp (InBC), the Province’s newest Crown corporation, is open for business and has launched its investment policy statement to guide decision-making to support a stronger, more resilient economy for British Columbians.
Developed through the StrongerBC Economic Plan, the Province is providing InBC with $500 million to invest in venture capital funds and growing companies that demonstrate a measurable impact in driving climate action, innovating for the future, advancing reconciliation and elevating inclusive communities in B.C.
A legislation was passed in May 2021 to establish InBC as a provincial Crown corporation. Since then, InBC has appointed a chief executive officer, chief financial officer, chief investment officer, a nine-member board of directors and a growing team of business professionals as they worked toward the creation of an investment policy statement. While decisions are independent of government, InBC is subject to the same accountability and regulatory requirements as any other Crown corporation in B.C.
With its investment policy statement launched, InBC expects to start investing in venture capital funds this fall and in businesses by spring 2023.
Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation, said, “InBC investments are about optimizing not just financial returns, but also generating social, economic and environmental returns for generations to come.”
“We are a strategic investment fund that focuses on valuing people, planet and profit as part of our decision-making process and long-term impact,” said Jill Earthy, chief executive officer, InBC. “Our purpose is to catalyze a more sustainable and inclusive future for B.C. through investment in innovation of both traditional and emerging sectors.”