The Canada Infrastructure Bank (CIB) announced a new $100-million loan agreement with the First Nations Bank of Canada (FNBC) to enable new infrastructure in First Nations, Métis, and Inuit communities. The loan will offer Indigenous communities access to “affordable and flexible financing” to support improved living conditions, new economic opportunities, and residential development.
FNBC CEO Bill Lomax (left) and CIB CEO Ehren Cory. (CNW Group/Canada Infrastructure Bank)
“This new loan program will make infrastructure projects in Indigenous Nations and communities more affordable and allow for more opportunities to develop Indigenous-owned lands,” said Bill Lomax, President and CEO, First Nations Bank of Canada. “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.”
Historically, Indigenous communities had limited access to affordable capital at flexible terms, which has impeded community development projects and led to insufficient infrastructure. Infrastructure improvement projects financed with the new loan can include site works, roadworks, water and wastewater management, utility connections, and other projects needed to support economic and community growth through residential, commercial or industrial developments.
To pair with the CIB’s commitment, FNBC will provide concurrent project lending. Together, this comprehensive financing package will enable Indigenous communities to realize their community and/or economic development plans faster.
FNBC is the largest Indigenous-owned and -led financial 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. FNBC provides services to First Nation, Métis and Inuit people and communities in urban areas and remote locations, including in Canada’s arctic region.
Through the CIB’s Indigenous Community Infrastructure Initiative, the CIB collaborates with First Nation, Métis and Inuit communities across Canada on infrastructure projects in partnership with, and for the benefit of Indigenous communities across Canada.
Indigenous communities interested in accessing this community development financing, can learn more at: https://www.fnbc.ca/.
