Indigenous communities and organizations have a new way to participate in the Saskatchewan economy as new legislation has been created.
On April 4, 2022, the Saskatchewan government introduced new legislation to create the Saskatchewan Indigenous Investment Finance Corporation (SIIFC) that will support Indigenous participation in the province’s natural resource and value-added agriculture sectors.
According to a release, the SIIFC will offer loan guarantees to eligible First Nations and Métis communities and organizations to support investment in forestry, mining, oil and gas, energy production and value-added agriculture projects.
“Saskatchewan is fortunate to already have a number of successful Indigenous-led companies and organizations that are strong contributors to our province’s economic growth,” stated Trade and Export Development Minister Jeremy Harrison in a media release.
“The SIIFC will enable more Indigenous involvement in our key natural resource and agri-value sectors, which will create economic opportunities in Indigenous communities and right across Saskatchewan.”
A lack of access to capital was identified as the primary barrier to Indigenous equity ownership of natural resource and value-added agriculture projects and SIIFC will help to address this need by providing up to $75 million in loan guarantees for eligible projects where minimum loan guarantees will be $5 million.
The Federation of Sovereign Indigenous Nations (FSIN) stated that the SIIFC is a good start to providing support to First Nations to be leaders in energy development if they so desire. This legislation will allow heightened investment and collaborative partnerships between the Indigenous peoples and the province.
It’s something that FSIN is looking forward to.
“The First Nations are not against resource development, but rather, they support responsible and environmentally sound developments, and this legislation will allow us to work towards that end,” stated Vice Chief Heather Bear.
“When the First Nations benefit, the provincial economy does, too.”
The province stated that support for Indigenous resource development projects aligns with Saskatchewan’s Growth Plan goal to grow Indigenous participation in Saskatchewan’s natural resource sector.
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