JP Gladu and Jaimie Lickers: Take note, Canada. The Indigenous financial sector is red-hot – The Hub

May 13, 2024

Big, sophisticated deals are getting struck in real estate, natural resources, and energy

Canadian politics is treading some rough waters these days. But there are a few bright spots of consensus where all sides can agree. One of these is around economic reconciliation: the restoration of prosperity to Indigenous communities through creating space and opportunity in the Canadian economy.

One of the big drivers of economic reconciliation in the past few years has been the movement to negotiate equity deals for Indigenous communities in the major energy and resource projects in their territories. Supporting many of these transactions are Indigenous loan guarantee programs. Ontario has provided loan guarantees since 2009 for clean energy projects, and Alberta has supported a number of big deals in the oil and gas sector since its program launched in 2020. Following on this success, Saskatchewan initiated a program in 2022, and B.C. announced its version this winter.

Not to be outdone, in the recent federal budget, the government of Canada announced a $5 billion national Indigenous loan guarantee program. The path to getting a federal program has been long but with good company. The First Nations Major Project Coalition has taken a lead in the advocacy, but many other Indigenous organizations, financial institutions, energy companies, and business associations have provided their support too. This might seem like a motley crew, but to us, it’s symbolic of how much progress has been made in building partnerships between Indigenous people and the private sector.

Read More: https://thehub.ca/2024-05-13/jp-gladu-and-jaimie-lickers-indigenous-financial-sector-is-red-hot/