A SEAT AT THE TABLE


nous nations outside of those provinces, and Canada needs a national
Indigenous loan guarantee program to bridge this gap. For example,
the membership of the FNMPC has 昀椀nalized the business terms on
three signi昀椀cant projects worth $14.5 billion combined that will need
equity 昀椀nancing in the next 18 to 24 months, but these projects are
in provinces without a program that support First Nations in their
pursuit of equity ownership.”
Canada Infrastructure Bank initiatives
The Canada Infrastructure Bank (CIB) has stepped forward with a
pair of announcements aimed at enabling infrastructure in First Nations, Métis, and Inuit communities.
Its Indigenous Equity Initiative (IEI) is designed to support communities in purchasing equity ownership stakes in infrastructure
projects within their traditional territories that the CIB is also investing in—part of the CIB’s commitment to invest at least $1 billion in
Indigenous infrastructure.
“The CIB’s plan to o昀昀er Indigenous equity is designed to help First
Nation, Métis and Inuit communities to purchase ownership stakes
in key infrastructure projects. We look forward to delivering on this
initiative and expanding our mandate so we can get more infrastructure built faster and increase Indigenous economic partnership,” said
CIB’s CEO Ehren Cory.
The CIB also announced a $100-million loan participation agreement with the First Nations Bank of Canada (FNBC)—FNBC is the
communities and sectors of the economy that depend on the Arctic
Gateway Group’s operations.
The Arctic Gateway Group—a partnership of 41 First Nation and
Bayline communities in Manitoba—were the recipients of a $60-million joint investment from the governments or Canada and Manitoba
昀椀nish work on the Hudson Bay Railway, the only a昀昀ordable yearround, all-weather mode of transportation for both passenger and
freight tra昀케c to access several northern Manitoba communities.
“The Port of Churchill makes Manitoba a maritime province, and
both the port and the rail line o昀昀er so much potential when it comes
to international trade, energy exports and building out the supply
chains that create good jobs in Northern Manitoba,”said Premier Wab
Kinew. “Our team fought to repair the rail line because we understand it is the backbone of the northern economy and a vital connection to food and fuel for the families that live there.”
The Hudson Bay Railway is the backbone of the region, serving
remote and Indigenous communities, and linking the Port of
Churchill as the only deep-water Arctic port connected to the North
American surface transportation network. The port is positioned
to import and export commodities, critical minerals, and natural
resource products through the Arctic and to the world and strengthen
Canada’s northern sovereignty and security.
“Our government is proud to partner with Indigenous and
Northern communities and the Province of Manitoba to make
sure that people and businesses are connected and able to build a
prosperous northern economy,” said Dan
Vandal, minister for PrairiesCan.
Churchill Mayor Mike Spence, also
chair of the Arctic Gateway Group board
of directors added: “As an Indigenous
and community-owned company, we
recognize the importance of this northern
infrastructure corridor and will continue
to partner with industry, our strategic
partners in the Kivalliq region of Nunavut
and governments. This is a signi昀椀cant
announcement for our region, for Manitoba
and for Canada.”
FNMPC, CIB: CANADA INFRASTRUCTURE BANK
“Achieving Indigenous consent through partnership
is material to the future of the Canadian economy,
particularly as we look to advance major projects that
will help Canada meet its 2050 net zero targets.”
largest Indigenous-owned and -led 昀椀nancial institution in Canada.
More than 70 per cent of FNBC’s employees are Indigenous, and
Indigenous clients comprise 90 per cent of its loan portfolio.
“This new loan program will make infrastructure projects in Indigenous Nations and communities more a昀昀ordable and allow for more
opportunities to develop Indigenous-owned lands. By partnering
with CIB, we can leverage our expertise in working with Indigenous
communities and support new projects in a way we have not seen
before,” said Bill Lomax, president and CEO, First Nations Bank of
Canada.
“This 昀椀rst-of-its-kind loan product with FNBC catalyzes innovation
in the 昀椀nancial services sector and in the Indigenous market. Through
this investment, Indigenous communities will work with FNBC to
access critical 昀椀nancing to develop much-needed infrastructure in their
communities and advance socio-economic reconciliation,” added Cory.
Canada, Manitoba announce funding for Churchill railway upgrades
Indigenous-owned developments are also being supported by
government.
The governments of Canada and Manitoba announced a joint
investment of up to $60 million to the Arctic Gateway Group (AGG).
This combined funding will 昀椀nish work on the Hudson Bay Railway, start to redevelop the Port of Churchill, and further bene昀椀t the
RENEWCANADA.NET
Financing to help close the infrastructure gap
Since its inception, First Nations Finance Authority has successfully
launched short- and long-term loans programs, received multiple rating upgrades, and most importantly, became self-su昀케cient, no longer
relying on any external funding.
FNFA announced it surpassed $2 billion in loans to its members
with a 10th debenture that ensures 25 First Nations across Canada can
access $356 million to meet community priorities, including childcare
services, housing, and job creation.
“Being the 昀椀rst First Nations-led institution in Canada to reach the
$2 billion milestone over 10 debentures means that our borrowing
members are better able to meet their community’s priorities,” said
FNFA President and CEO, Ernie Daniels. “The relending rate to FNFA’s members is 4.28 per cent or, 2.92 per cent below Bank Prime rate,
which allows our membership to build much needed infrastructure
on/o昀昀-reserve today.”
The latest debenture, which took e昀昀ect in January, will support environmental, social and governance-focused opportunities, including
on-reserve housing in Cook’s Ferry, B.C., the construction of a grocery
store in Glooscap, N.S., and a wastewater treatment plant upgrade
in Mississaugas of Scugog Island, Ont. Since the 昀椀rst debenture was
issued in 2014, the projects 昀椀nanced by FNFA have resulted in the
MAY/JUNE 2024 – RENEW CANADA 29
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