By Canadian Press

FIRST NATIONS INVESTMENT

Helping First Nations invest in energy projects

Jun 11, 2019 | 6:31 AM

EDMONTON- Alberta will bring in legislation this fall to create a Crown corporation backstopped by $1,000,000,000 to help First Nations invest in major energy projects like pipelines.

Premier Jason Kenney made the announcement after meeting with chiefs from across Alberta at Government House in Edmonton.

The legislation, following up on an election campaign promise, will create the Indigenous Opportunities Corporation.

On the campaign trail, Kenney promised his government would fund the corporation with $24,000,000 over the first four years to give legal, technical and financial advice to First Nations looking to initiate or participate in energy projects.

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The province would also provide $1,000,000,000 to provide financial backstops and loan guarantees.

Kenney says the corporation addresses a historic imbalance, adding that for too long some First Nations did not have the financial means to get commercial rates of credit.

(The Canadian Press)