AIDEA Board of Directors Approve $11 Million Dividend for the State of Alaska

The Alaska Industrial Development and Export Authority, or AIDEA, will a pay a dividend of $11 million to the State of Alaska. For the state’s upcoming Fiscal Year 2025.

The authority’s board of directors approved the payment Dec. 7. The Legislature typically uses the authority’s annual dividend to fund economic development projects.

Under state law AIDEA’s dividends are to be not less than 25 percent and no more than 50 percent of the authority’s current fiscal year calculated statutory net income.

The board chose to declare a dividend amount of that is 42 percent, or almost half, of AIDEA’s net income.

“Financial returns from AIDEA’s investments go to two places—back into AIDEA’s pool of funds to be reinvested for job creation and as dividends issued to the State of Alaska’s Unrestricted General Fund. This dividend announcement brings AIDEA’s total dividends to more than $468 million since the public corporation issued its first dividend in 1997,” said AIDEA Board Chairman, Dana Pruhs.

AIDEA is an independent, public corporation of the state whose mission is to promote economic development and jobs in Alaska. AIDEA fulfills this mission by making investments and offering financing tools to communities and businesses.

“AIDEA is financially self-sustaining and the dividend we pay out annually goes into the State’s Unrestricted General Fund for the State of Alaska to use. AIDEA is a successful entity as evidenced by the $11 million dividend declared today,” said Randy Ruaro, AIDEA’s Executive Director.

The authority is best known for its economic development projects like the Red Dog Mine access road and port in Northwest Alaska, where Teck Alaska, a mining company, operates the world’s largest lead-zinc mine, and the Ketchikan Shipyard, owned by the authority and leased to a private operator, Vigor Industries.

The authority has also taken the lead on two other proposed transportation projects intended to provide access to lands for new mineral development. One is the Ambler Access Project in Northwest Alaska and the other is the West Susitna project in the western Mat-Su Borough region.

AIDEA also works as a partner with Alaska banks in helping finance business expansion.

For information about AIDEA or its projects, visit www.aidea.org or contact AIDEA at communications@aidea.org.