Canadian and Design Construction writer
The federal government is exploring a First Nations sovereign wealth fund and committing $260 million over four years to connect Indigenous workers with jobs created by major infrastructure projects.
The measures were announced following a meeting between First Nations leaders and first ministers to discuss economic participation in major projects, including opportunities for First Nations to develop, operate and share in project revenues.
Prime Minister Mark Carney directed the federal finance minister to work with First Nations leaders to determine how a proposed First Nations Sovereign Wealth Fund could be established to give First Nations a direct stake in major projects.
The federal government will also amend the First Nations Fiscal Management Act to expand the lending authority of the First Nations Finance Authority. The change is intended to make it easier for First Nations to secure financing for major projects and share in their returns.
The $260-million commitment will establish the Partnerships for Indigenous Workforce Readiness Fund, which will connect Indigenous Peoples with employment opportunities created by major projects.
The government is also developing an Indigenous-focused stream of its $8-billion Team Canada Strong initiative to connect Indigenous workers with paid, entry-level trades jobs.
The meeting also addressed changes to the Indian Act. The federal government will work with First Nations to develop a path beyond the legislation as part of efforts to modernize the relationship between the Crown and First Nations.
Other funding announcements included more than $2.5 billion over five years and nearly $450 million in ongoing funding for emergency management and fire protection in First Nations communities.
The government also announced more than $630 million over four years, along with $250 million in annual ongoing funding, to renew and expand First Nations and Inuit Policing Program agreements. An additional $140 million over four years will support crime prevention and community safety initiatives in Indigenous communities.
