The Canada Infrastructure Bank launches its Indigenous Community Infrastructure Initiative to accelerate new investment and reduce the infrastructure gap

Partnerships with Indigenous communities on infrastructure projects will create sustainable growth and benefit Indigenous Peoples as part of CIB's $1B investment target

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TORONTO, March 19, 2021 /CNW/ - The Canada Infrastructure Bank (CIB) announced the launch of the Indigenous Community Infrastructure Initiative (ICII), which will enable the building of new infrastructure projects in Indigenous communities. The CIB Initiative will generate more investments in projects that are vital to economic growth and environmental protection with Indigenous communities across Canada.

First Nations, Inuit, and Métis communities will have the opportunity to partner with the CIB to make innovative investments in projects to help address the infrastructure gap in Indigenous communities.

The projects enabled by CIB investments have the potential to provide more low-carbon energy supply and enhanced energy security, reduce greenhouse gases, improve broadband connectivity, more clean and accessible water, as well as create jobs and local economic development.

As part of the ICII, the CIB will tailor its innovative, low-interest and long-term financing to provide loans of at least $5 million for up to 80% of total project capital cost. Community-based revenue-generating projects can be from any of the CIB's priority sectors: green infrastructure, clean power, broadband, public transit and trade and transportation.

This is a major step towards investing in infrastructure projects that benefit Indigenous communities. The ICII has been developed with input from Indigenous leaders, communities and infrastructure organizations, to create an initiative that will support access to capital for community-based projects.

In connection with the launch of the ICII, the CIB has expanded its specialized Indigenous investment team to provide advice and develop projects with Indigenous communities, and conduct internal due diligence on all project investment opportunities.

The CIB is taking action quickly, following the Minister of Infrastructure and Communities' Statement of Priorities and Accountabilities to the CIB, which sets a target to invest at least $1 billion in Indigenous infrastructure across its priority sectors.

The CIB is designed to act as a catalyst for revenue-generating infrastructure projects that are in the public interest and support economic growth for the benefit of Canadians.

The ICII is a sign of further momentum for the CIB which is focused on executing its Growth Plan to make investments in projects in priority sectors and get more infrastructure built to grow the economy over the long-term.

An example of the Growth Plan in action is the CIB's recently announced Memorandum of Understanding on the Oneida Energy Storage project which is a partnership between NRStor Inc and Six Nations of the Grand River Development Corporation for the largest energy storage facility in Canada.

Endorsements

"The CIB's Initiative is an engagement towards collaborative, respectful and beneficial partnerships with Indigenous communities. The CIB is a unique tool to address the infrastructure gap in these communities through innovative financing. This is another example of the CIB taking action and focusing on investment to deliver impactful infrastructure. When Indigenous communities grow and thrive in a sustainable manner, all of Canada benefits."

Ehren Cory, CEO, Canada Infrastructure Bank

"We have a huge opportunity to work in partnership with First Nations, Inuit, and Métis communities to get important infrastructure built which benefits their communities economically, creates jobs and addresses the Indigenous infrastructure deficit. That's why I set a new target for the Canada Infrastructure Bank to invest at least $1 billion in revenue-generating infrastructure projects in partnership with and that benefit Indigenous Peoples. I am very pleased that as part of this initiative, the CIB will advance smaller-scale projects and will drive progress towards that target".

Catherine McKenna, Minister of Infrastructure and Communities

"The infrastructure gap in First Nations, Inuit and Métis communities has existed for far too long. Indigenous Services Canada welcomes the new Indigenous Community Infrastructure Initiative as it will help advance the Government of Canada's commitment to closing the critical infrastructure gap while also supporting wealth and job creation in Indigenous communities."

Marc Miller, Minister of Indigenous Services

"The Canada Infrastructure Bank (CIB) Initiative is a major step toward closing the infrastructure gap in First Nations, while prioritizing green energy projects in the overall effort toward climate action. I support the efforts of the CIB to work directly with First Nations in meaningful and collaborative ways that will lead to much needed investments toward better infrastructure and sustainable economic growth."

Perry Bellegarde, Assembly of First Nations, National Chief

"There are many areas where lack of infrastructure holds back the social and economic development of Métis communities. We believe the CIB's Initiative is an important step towards closing the infrastructure gap in our communities, as the Government of Canada committed to work with the Métis Nation to close this gap by 2030."

David Chartrand, National Spokesperson and Vice-President, Métis National Council

"Major long-term investments are essential to build the infrastructure Inuit need to thrive. Innovative programs like the ICII add to the financial tools we can use to begin to address the longstanding infrastructure gap between Inuit Nunangat and other parts of Canada."

Natan Obed, President, Inuit Tapiriit Kanatami

Quick Facts

• The Canada Infrastructure Bank will invest $35 billion to support infrastructure projects in priority sectors across the country. This includes the CIB's $10 billion Growth Plan.
• The 2021 Statement of Priorities and Accountabilities from the Minister of Infrastructure and Communities confirmed the CIB will invest at least $1 billion in total in Indigenous Infrastructure across its priority sectors.
• The Indigenous Community Infrastructure Initiative is an enhanced way for the CIB to collaborate with Indigenous communities on their infrastructure priorities, consistent with the Government of Canada's commitment to reconciliation.
• The CIB attracts private sector and institutional investment to invest in sustainable infrastructure projects that are in the public interest.

Learn More:

Canada Infrastructure Bank

SOURCE Canada Infrastructure Bank

Media Contacts: Félix Corriveau, Canada Infrastructure Bank, [email protected], 416-550-0900