For Immediate Release
Calgary, AB – In a landmark move towards fostering economic empowerment and reconciliation, the Government of Canada has announced the introduction of the Indigenous Guaranteed Loan Program with $5 billion available to Indigenous communities. This initiative, unveiled as part of the Budget 2024, represents a significant step towards supporting Indigenous communities in accessing capital for ownership in Canada’s resource projects.
"The Indigenous Guaranteed Loan Program marks a significant milestone in our collective efforts towards Indigenous economic empowerment and reconciliation," said John Desjarlais, Executive Director of the Indigenous Resource Network (IRN). "This program will provide Indigenous communities with the capital resources and flexibility they need to pursue responsible development that benefit workers, communities, and Canada’s economy."
Among the welcomed elements of the budget is the emphasis on project flexibility within the loan guarantee program. This flexibility will be instrumental in ensuring that Indigenous communities can tailor projects to meet their unique needs and aspirations, driving sustainable development and prosperity, no matter the sector. "By providing Indigenous communities with the tools and resources they need to succeed, the Indigenous Guaranteed Loan Program will play a crucial role in advancing economic reconciliation in Canada," Desjarlais added.
IRN, one of the leading advocates for Indigenous resource development, welcomes the announcement of the Indigenous Guaranteed Loan Program. "We are committed to working closely with the government to ensure that Canada realizes its full potential as an energy provider and reconciliation partner," Desjarlais affirmed. "Through collaborative efforts and meaningful partnerships, we can pave the way for a brighter and more inclusive future for all Canadians."
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For further information or inquiries, please contact:
250-327-1388
About IRN:
The Indigenous Resource Network (IRN) is a non-profit independent advocacy organization voicing the concerns of Indigenous resource workers and businesses. IRN is dedicated to achieving real Indigenous inclusion in the resource sector and championing the positive stories and journeys of Indigenous resource workers.