‘All the good things you might need’: First Nations Bank enters into $100M agreement to fund infrastructure projects

The First Nations Bank of Canada has entered into a $100 million participation agreement with the Canadian Infrastructure Bank (CIB) to allow for new infrastructure projects in Indigenous communities.

The bank announced the agreement at a news conference on Wednesday, saying that the funds will go to projects like urban reserve development, housing, and land development. The process will be entirely managed by the First Nations Bank.

“If you are looking at a project that has an infrastructure component to it or is purely infrastructure in your community, we have a new way to get low-cost funding for that, all managed by us,” said Bill Lomax, CEO of the First Nations Bank of Canada.

Lomax noted that First Nations face difficulties from an infrastructure standpoint, adding that there’s been a push to get more funding into these communities.

“If you need new broadband, you need new roads – all the good things you might need – energy infrastructure, we have a program that will allow you to do that now,” he said.

“[It’s] not just on the $100-million scale, but if you have a $5 million project or a $1 million project, we can now take care of that and help you with them.”

Interested communities can contact infrastructureloan@fnbc.ca to apply or get more information.