Program would address the lack of access to capital required in significant energy and mining projects
A coalition of Indigenous leaders, together with senior business and banking executives, are meeting with top federal officials this week to urge them to create a national loan-guarantee program as a way to build more resource projects on traditional territories.
According to Ms. Gale, a national program that expands on similar successful provincial lending options in, Saskatchewan and Ontario is the key to unlocking major projects that are often held up in regulatory and financing delays. “And then we’re in court. And then we win, and we win, and we win,” she said. “I feel like, by having First Nations involved, you see the regulatory process speed up. You see these projects built on time, without delay.”The Liberal government’s 2023 budget signalled a desire for Canada to boost economic growth through critical supply chains, supporting projects like mining critical minerals, electric-battery and clean-power production and zero-emission vehicle manufacturing.
Another key theme of the budget was to compete with new project incentives in the U.S. Inflation Reduction Act. The IRAthe total loan authority of an existing Tribal Energy Loan Guarantee Program from US$2-billion to US$20-billion.
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