Indigenous project financing plan praised as game-changer – Construct Connect
April 25, 2024
First Nations major project proponents are hailing the establishment of a $5-billion Indigenous Loan Guarantee Program in the recent federal budget as a game-changer that might well serve as a catalyst for First Nations’ participation in multiple projects in the near future.
Enabling legislation for the loan program was included in the budget bill tabled by Finance Minister Chrystia Freeland April 16. The budget document referred to support for natural resource and energy projects.
Consultant Qasim Saddique of the firm Suslop, adviser to the business arms of the Webequie First Nation and Marten Falls First Nation in northern Ontario, said the support will create new relationships between First Nations and companies that are undertaking projects, moving beyond rights and into equity partnerships. It also benefits governments looking to meet their policy objectives.
“It is a game-changer because it enables First Nations to bring potentially guaranteed capital to the table, which they wouldn’t be able to do in the past,” Saddique said.
