The federal minister of energy and natural resources is looking to highlight a specific part of the recent fiscal update.
Jonathan Wilkinson spoke with MBC Radio News about the Liberal government reiterating its commitment to establish a federal loan back guarantee program to help First Nations purchase equity stakes in major projects on their traditional lands. He explained the hope is the program will allow First Nations to truly benefit from projects economically.
“This kind of a tool will enable communities to become participants in a mining project or in a LNG project or in a hydrogen project or in a transmission line and reap the benefits that are associated with being a partial owner in those types of things,” he said.
Wilkinson was not able to provide specifics in regards to what government department or agency would be responsible for administering the loan guarantee program or how much money would be allocated for it. The minister said the government is currently in the process of working those specific details out.
“We’re going to release all of the details associated with the program in the budget that will happen in March or April of next year,” he said.
When it comes to engagement, Wilkinson said the federal government has been talking with organizations like the Assembly of First Nations (AFN) along with the First Nations Major Projects Coalition about the program and the best way to go about tailoring it. The minister added they will also be looking to speak with individual First Nations.
In terms of when the program could actually get going, Wilkinson said the aim is to have it operational as soon as the money becomes available.
“My hope would be that we’re actually in a position soon after the budget to be able to actually start to open the process for applications for that fund,” he said.
While he was not able to provide a specific figure in terms of how much money would be devoted to the program, Wilkinson said the amount of money will be in the billions of dollars. He added the government is aware that First Nations all over the country will likely be interested in taking part.
“We recognized that it has to be of significant size in order to actually be fair and to really drive the kind of economic reconciliation that we’re intending to drive,” he said.
(Top Photo: Minister of Energy and Natural Resources Jonathan Wilkinson at the First Nations Major Projects Coalition 2023 Annual General Meeting. Photo courtesy of Jonathan Wilkinson X.com.)