On March 6, 2024, the Canada Infrastructure Bank (CIB) announced a $100 million loan participation agreement with the First Nations Bank of Canada (FNBC) for enabling infrastructure in First Nations, Métis and Inuit communities.
As a result of this agreement, Indigenous communities will have access to affordable and flexible financing to unlock enabling infrastructure development that can support improved living conditions, new economic opportunities and housing. Enabling infrastructure can include site works, roadworks, water and wastewater management and utility connections, and is needed to support economic and community growth through residential, commercial or industrial developments.
To pair with the CIB's commitment, FNBC will provide concurrent project lending. Together, this comprehensive financing package will enable Indigenous communities to realize their community and/or economic development plans faster.
FNBC is the largest Indigenous-owned and -led financial institution in Canada. More than 70 percent of FNBC's employees are Indigenous, and Indigenous clients comprise 90 percent of its loan portfolio. FNBC provides services to First Nation, Métis and Inuit people and communities in urban areas and remote locations, including in Canada's arctic region.
Through the CIB's Indigenous Community Infrastructure Initiative, the CIB collaborates with First Nation, Métis and Inuit communities across Canada on infrastructure projects in partnership with, and for the benefit of Indigenous communities across Canada.
Gowling WLG was counsel to the CIB with respect to this agreement, supporting Ciprian Gligor, Senior Legal Counsel at the CIB, with a team comprised of Myron Dzulynsky, Elizabeth Burton, Lilly Wong, Keith Brown and Reagan Chornoboy.
Miller Thomson was counsel to FNBC with a team comprised of Eric Johnson and Jeren Tuchsherer.