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www.fnfa.ca

First Nations Finance Authority Reaches Major Milestone Surpassing $1 Billion in Loans to Indigenous Communities

For Immediate Release

FIRST NATIONS FINANCE AUTHORITY REACHES MAJOR MILESTONE SURPASSING
$1 BILLION IN LOANS TO INDIGENOUS COMMUNITIES

Westbank, British Columbia (December 2, 2020) – Despite the economic turmoil caused by
the Covid 19 pandemic, the First Nations Finance Authority has hit an historic milestone by
breaking through the one-billion-dollar mark in financing for First Nations.

“Working with Indigenous communities, we are beginning to see real results in
addressing the huge infrastructure gap between First Nations and the rest of Canada,”
said Ernie Daniels, President and CEO of the First Nations Finance Authority (FNFA). “The
projects we are financing are helping to bring fresh water, better health care, green
energy projects and modern infrastructure to First Nations that have created jobs and are
building the Indigenous economy.”

Henvey Inlet First Nation is among those that have benefited from FNFA loans. The Ontario
First Nation partnered with a private sector firm to build a 300-megawatt wind farm on reserve
at a cost of $1.2 billion. A $117 million loan from FNFA assisted the First Nation in meeting its
capital contribution obligations.

“The special features of FNFA financing helped us get past the last milestones in the
project” said Chief Wayne McQuabbie. “The FNFA loan funds were instrumental in the
completion of the biggest on-shore wind energy project and the largest project on First
Nation land in Canada. During construction, the project created more than 100 direct
and indirect jobs in our region; today the windfarm is powering more than 100 thousand
Ontario homes with green energy and generating millions in annual revenue for our
members.”

115 First Nations have become borrowing members of the FNFA. This has created over ten
thousand jobs in the past five years while making strides in building an Indigenous economy
aimed at lifting communities out of poverty. The $1 billion dollars in loans provided by the
FNFA to date to First Nations does not include the $250 million loan commitment to the
Mi’kmaq First Nations Coalition to purchase offshore fishing licenses as part of the announced
purchase of Clearwater Seafoods.

“We’ve reached a major milestone but there’s much more to be done to achieve true
reconciliation, “said Wasauksing First Nation Chief Warren Tabobondung who Chairs the
FNFA board. “The reality is that as First Nations become self-governing, they need to
have access to the funds necessary to reduce poverty, manage wealth and create a
thriving Indigenous economy. We anticipate that FNFA will be adding new borrowers at
a faster rate and we are already working towards the $2 billion mark. This will generate
jobs and opportunities for all Canadians.”

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About the First Nations Finance Authority (FNFA)
The FNFA is a not-for-profit First Nation institution that plays a crucial role in the social and
economic development of First Nations across Canada by providing qualifying First Nations
with access to the capital markets at competitive rates. Established by the federal First Nations
Fiscal Management Act in 2005, FNFA is by First Nations, for First Nations. The FNFA will
continue to expand and diversify, looking to strengthen its credit rating and increase the
financial benefits to its growing membership.

For more information Contact:
Leanne Hunter, FNFA Senior Advisor
Telephone: 613.853.2612
Email: lhunter@fnfa.ca