First Nations Major Projects Coalition’s policy concept for a revolving loan facility receives endorsements by the BC Chamber and Vancouver Board of Trade

As part of a response to the economic impacts of COVID-19, the First Nations Major Projects Coalition (FNMPC) submitted a policy paper to the BC Government calling on the province to establish a revolving loan facility to foster greater access to capital for equity investment in major projects by Indigenous communities. 
 
This week, FNMPC’s policy concept received endorsements from the Vancouver Board of Trade and the BC Chamber of Commerce as part of their independent recommendations to the BC Government on economic recovery.
 
Vancouver Board of Trade 
The First Nations Major Projects Coalition has proposed a Revolving Loan Facility, which would utilize the existing strength and safeguards of the First Nations Finance Authority to provide low-cost capital for equity participation in projects affecting First Nations’ traditional territory.

We recommend that the Province consider this proposal, in conjunction with the private sector and other orders of government, to provide greater access to affordable capital to enable broader Indigenous participation in the economy. 

Click here to read the full report


BC Chamber of Commerce 

Indigenous economic reconciliation is an important part of the overall reconciliation conversation. Economic reconciliation will provide wealth and opportunity – which in turn, provides greater security for Indigenous peoples and their communities.

While there are many paths forward that can achieve greater economic reconciliation, the BC Chamber wants to lend its voice to one idea in particular: The First Nations Major Project Coalition’s ‘Revolving Loan Facility to Support Increased First Nation Participation in Major Resource Projects.’
 
The BC Chamber believes the loan facility will:

• Support immediate economic recovery by helping First Nations finance shovel-ready and investment worthy, profitable projects;
• Create short term regional economic ‘spin off’ benefits as First Nations invest the revenues generated into local needs;
• Establish, for the first time in BC, broad-based financing support for First Nations’ equity participation in major resource and infrastructure projects;
• Contribute to the BC Government’s established commitments to the implementation of initiatives consistent with the spirit and intent of the Declaration on the Rights of Indigenous Peoples Act;
• Require minimal administrative burden.

Click here to read the full report
 

“We are pleased to have the support of the BC Chamber and the Vancouver Board of Trade with respect to this important policy initiative. The revolving loan facility proposal is a First Nation led concept designed to efficiently and effectively address historic barriers faced by our communities in accessing capital for equity participation in major projects taking place on our lands”.  

“Our proposal builds on the frameworks that are already in place through the First Nations Finance Authority, providing greater access to low-cost capital for our communities,” stated Chief Sharleen Gale, Chair of FNMPC’s Board of Directors  
 
To obtain a copy of First Nations Major Projects Coalition’s revolving loan facility, please email executivedirector@fnmpc.ca

 

Chief Sharleen Gale
Chair of the FNMPC