202 \u2013 3500 Carrington Road
Westbank, B.C. Canada V4T 3C1
Head Office: 250.768.5253
Toll Free: 1.866.575.3632
Fax: 250.768.5258
www.fnfa.ca<\/p>\n\n\n\n
First Nations Finance Authority Reaches Major Milestone Surpassing $1 Billion in Loans to Indigenous Communities<\/strong><\/em><\/p>\n\n\n\n For Immediate Release<\/p>\n\n\n\n
FIRST NATIONS FINANCE AUTHORITY REACHES MAJOR MILESTONE SURPASSING
$1 BILLION IN LOANS TO INDIGENOUS COMMUNITIES<\/em><\/strong><\/p>\n\n\n\n
Westbank, British Columbia (December 2, 2020) \u2013 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.<\/p>\n\n\n\n
\u201cWorking with Indigenous communities, we are beginning to see real results in
addressing the huge infrastructure gap between First Nations and the rest of Canada,\u201d
said Ernie Daniels, President and CEO of the First Nations Finance Authority (FNFA). \u201cThe
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.\u201d<\/em><\/strong><\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cThe special features of FNFA financing helped us get past the last milestones in the
project\u201d said Chief Wayne McQuabbie. \u201cThe 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.\u201d<\/em><\/strong><\/p>\n\n\n\n
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\u2019kmaq First Nations Coalition to purchase offshore fishing licenses as part of the announced
purchase of Clearwater Seafoods.<\/p>\n\n\n\n
\u201cWe\u2019ve reached a major milestone but there\u2019s much more to be done to achieve true
reconciliation, \u201csaid Wasauksing First Nation Chief Warren Tabobondung who Chairs the
FNFA board. \u201cThe 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.\u201d<\/p>\n\n\n\n
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