(Saskatoon) The Canada Infrastructure Bank (CIB) has signed a $100 million agreement with the First Nations Bank of Canada (FNBC) to help Indigenous communities borrow money to build infrastructure.
BNPC President and CEO Bill Lomax says the new program will make infrastructure projects in Indigenous nations and communities more affordable.
By partnering with the CIB, the country’s largest Indigenous-owned and operated financial institution can use its expertise to work with Indigenous communities and support new projects in a way never seen before, says Lomax.
Under the plan, Indigenous communities can apply for loans to finance enabling infrastructure, with the process managed entirely by BPNC.
The program will help finance infrastructure development to support improved living conditions, economic opportunities and housing.
Projects could include things like roads, water treatment facilities and utility connections.