The Economic Development Minister says a policy change affecting government’s two lending agencies – Finance PEI and Island Investment Development Inc – is aimed at improved transparency.
The change requires all loans of more than $1 million be posted online along with details on who is receiving the loan; how much it’s worth; the interest rate; and
basic information about the purpose of the loan.
basic information about the purpose of the loan.
As well, four members of the IIDI board will now be private individuals selected through Engage PEI. The current board is composed of four deputy ministers along with the CEOs of Innovation PEI and Finance PEI.