Montreal's economic recovery plan was unveiled on Wednesday afternoon. Mayor Valérie Plante, accompanied by Luc Rabouin, outlined an action plan to revive the city's economy. The mayor explained that Montreal aims to boost the economy with "concrete actions" over the next six months.
Nearly $22 million will be invested to revitalize the city's economy and "propose steps to promote a long-term, green, and resilient economy."
"[The] recovery plan calls on all municipal leverage and involves infrastructure and transportation projects, supply processes, taxation, and support measures for businesses to stimulate our city's economic development," explained Mayor Plante in a statement.
"We are able to announce investments of nearly $22 million, as well as 20 measures that we intend to launch over a six-month period to revitalize Montréal's economy."
The expansive and ambitious plan includes everything from the development of "a permanent urban, carbon-free bicycle delivery service" to "accelerate the planning and decontamination of land having an economic vocation in
the East End of Montreal."
Rabouin explained at a press conference that the investments will focus on sectors where the city believes it can make a "real impact."
Here are some of the plans for Montreal's economic recovery.
"The economic recovery plan can be summarized as a two-phase plan," said Mayor Plante.
"There's the immediate action and the question of how we can continue to revive the economy."
#COVID19: To consult the summary of Montréal's Economic Recovery Plan, entitled A Boost for our Metropolis: Time to… https://t.co/QJQ93fpNBY— Valérie Plante (@Valérie Plante) 1592421815.0
The city will focus on four main branches of investments:
$5.6 million will go to "revitalizing commercial streets and supporting business owners."
$4.8 million will go to "helping businesses with debt issues, transforming their business models, supporting startups and social economy."
$10.5 million will go to develop the city and create "new programs to support sustainable investment."
$1.1 million will go to "supporting and coordinating initiatives for growth, research, data and training."
With investments for public transportation, housing, the "circular economy," local industries, artists, and communities, Montreal's recovery plan aims to lift the city out of the crisis.
"Long term, [the plan] will provide a necessary boost to Montreal's economic ecosystem to ensure its longevity and revive the dynamics for which it is known," said Rabouin.
#COVID19: This announcement includes investments of $22M and 20 measures to be deployed over the next six months in… https://t.co/vNhkbUBQX4— Valérie Plante (@Valérie Plante) 1592421767.0
Of the 20 planned measures, several will directly benefit the development of new programs that will go to social funding, help start-ups connect with large companies, decontaminate land, open artist workshops, assist independent theatres, cinemas, venues, and more.
Montreal is expected to begin its next reopening phase on June 22 when restaurants, gyms, and theatres are allowed to reopen with limited capacity; due to higher cases than in surrounding areas, it has been put on a slower progression plan.