Alberta Legislature. File photo.
The provincial government announced on Monday that they are expanding the Alberta Indigenous Opportunities Corporation’s (AIOC) loan guarantee from its current $1 billion, to $2 billion. It will increase again to $3 billion next year.
The AIOC launched in 2019 and has provided more than $500 million in investments to nearly 30 Indigenous communities in Alberta. The expansion announced on Monday will reduce the costs of borrowing and increase the amount that can be borrowed by Indigenous communities, according to the government.
Chana Martineau, CEO of the AIOC, spoke at the press conference and mentioned how important this expansion is for Indigenous communities throughout the province because “the benefits from these programs directly impact over 61,000 people.”
“Today is about empowering Indigenous communities. It’s about making their aspirations and economic independence a reality,” Martineau added.
Rick Wilson, Minister of Indigenous Relations, talked about what the AIOC has done in their four years of existence.
“By providing these loan guarantees, the AIOC helps create those opportunities that didn’t exist before. And boy has it every made a gamechanger for economic Indigenous inclusion,” he said.
“Including Indigenous people in every level of the economy is a huge part of our push towards economic reconciliation,” Wilson said.
When asked how he feels about this expansion, Chief Cody Thomas of Enoch Cree Nation said that “reconciliation is a journey of concrete actions, and from an economic perspective, this expansion represents a substantial stride towards a brighter future for our people”.
“I’m genuinely thrilled about the potential that lies ahead. Together, we can forge a more equitable and prosperous future for all,” Thomas added.
Listen to the radio feature below:
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