History
The North Island-Coast Development Initiative Trust (operating as Island Coastal Economic Trust or ICET) was created by the Province of British Columbia in 2006 to support economic diversification and growth in the Vancouver Island and coastal region.
Initially capitalized with $50 million in 2006, an additional $10 million funding contribution was committed towards a short-term extension of the Trust’s mandate in 2017.
The Trust’s role and programs have continuously evolved to meet a wide range of stakeholder needs. In 2020/21, the Province expanded the Trust’s service area to include the Capital Regional District, Juan de Fuca, Salt Spring Island and the Southern Gulf Islands — places and people we are proud to work with and for.
More than half a million residents call this region their home. We work in close collaboration, forming high-trust relationships with people and organizations in metropolitan areas, First Nations governments, small towns, and unincorporated communities including those situated on islands and in coastal inlets.
Our investments into community-led projects are guided by our governing legislation and each funding agreement we commit towards community-led projects. Our funds are strategically invested to spur economic development across key economic sectors including technology and innovation, small business, tourism, agriculture and aquaculture, transportation, forestry, and mining.
Since our inception more than 15 years ago, the Trust has invested more than $55 million through partnerships with community-led initiatives spanning the entire region. This includes local governments, regional governments, First Nations, non-profits, industry organizations, educational institutions and others — all leading the way in developing resilient and sustainable coastal economies.
Communities have directly attracted more than $300 million in new investment to their projects by leveraging our unique locally-driven and accountable funding model. Communities across the region have created significant permanent jobs, catalyzed the formation of new and revitalization of long-standing economic sectors, improved quality of life, and have spurred the transformational change needed to fulfill community needs and aspirations for more resilient and sustainable islands and coastal economies.
