Toronto (April 9, 2021) – A new initiative by the Canada Infrastructure Bank (CIB) will help address the infrastructure gap in Indigenous communities across the country.
The Indigenous Community Infrastructure Initiative (ICII) provides First Nations, Inuit and Métis communities the opportunity to partner with the CIB to make innovative investments in infrastructure projects, which have the potential to improve broadband connectivity, provide more clean and accessible water, and reduce greenhouse gases in Indigenous communities across Canada.
CIB aims to invest at least $1 billion into Indigenous infrastructure projects, providing low-cost, long-term loans of at least $5 million for up to 80 per cent of the project's total capital cost. BLG acted as legal advisor to CIB with respect to the formation of the innovative ICII funding facility.
"Congratulations to the CIB on launching this ground-breaking initiative," says Cherie Brant, National Leader of BLG's Indigenous Law group. "We are thrilled to have had the opportunity to be involved as legal counsel in the design and establishment of the ICII and wish the CIB great success in the years to come."
The ICII is a way for the CIB to collaborate with Indigenous communities on their infrastructure priorities, consistent with the federal government's commitment to reconciliation.
"The CIB's Initiative is an engagement towards collaborative, respectful and beneficial partnerships with Indigenous communities," says Ehren Cory, CEO of Canada Infrastructure Bank. "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."
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