Move Will Better Facilitate Indigenous Access to Project Capital
December 20th, 2024
FOR IMMEDIATE RELEASE
Calgary, AB – The Indigenous Resource Network (IRN) is pleased to learn the federal government announced the formal launch of the Indigenous Loan Guarantee Program as part of the 2024 Fall Economic Statement. The federal government created the Canada Indigenous Loan Guarantee Corporation – a wholly owned subsidiary of the Canada Development Investment Corporation (CDEV) – to deliver and oversee the program.
This initiative, first announced as part of Budget 2024, represents a significant step towards supporting Indigenous communities in accessing capital for ownership in Canada’s resource projects. The IRN has been a long-time advocate for this initiative, arguing it is necessary to secure opportunities for Indigenous resource workers and ventures. IRN has assured the federal government it will collaborate closely with them on advancing this program.
"The Indigenous Guaranteed Loan Program marks a significant milestone in our collective efforts towards Indigenous economic empowerment and reconciliation," said John Desjarlais, Executive Director of the Indigenous Resource Network (IRN). "This program will provide Indigenous communities with the capital resources and flexibility they need to pursue responsible development that benefit workers, communities, and Canada’s economy."
The IRN has especially applauded the program’s project flexibility. This flexibility will ensure Indigenous communities can tailor projects to meet their unique needs and aspirations, driving sustainable development and prosperity, no matter the sector.
Historic barriers imposed by the federal Indian Act limit Indigenous access to financial institutions and capital. The loan guarantee will enable qualified Indigenous applicants to utilize the federal government’s credit rating to unlock capital. The IRN is pleased the federal corporation overseeing the program is committed to conducting due diligence and ensuring applicants meet necessary qualifications. The Network also applauded the government’s continued commitment to providing backstops for projects in all resource sectors.
For more information, to view program eligibility, or to seek to apply, please visit: www.cilgc-cgpac.ca.
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For further information or media inquiries, please contact:
Joseph Quesnel, External Relations Coordinator
[email protected] or 902-995-0057