QUESTION PERIOD — Ministry of Crown-Indigenous Relations and Northern Affairs
First Nations Finance Authority
November 26, 2024
Welcome, minister. The First Nations Finance Authority seeks to monetize federal transfers for infrastructure. Monetization of major capital projects gives First Nations the ability to build projects, avoiding delays and inflated costs. With long-term boil water advisories, inadequate waste water systems, as well as crowded, mould-damaged houses and unsafe roads, monetization would support First Nations goals based on the United Nations Declaration on the Rights of Indigenous Peoples, or UNDRIP, and self-determination. It would also advance mandates from the Prime Minister to close the infrastructure gap by 2030.
Minister, is the government intending to bring monetization forward in 2025? If not, can you tell us why?
Thank you, senator, and it’s good to see you again.
We have been meeting. I have had a number of meetings with the First Nations Finance Authority and their leadership, and we’ve heard from a number of communities. As you know, the Assembly of First Nations assembly will be next week, and we’re also anticipating many conversations that will surround the issues of monetization.
Ultimately, it comes down to self-determination. That’s the path that we’ve committed to. We don’t have a particular path yet for monetization through the First Nations Finance Authority. I believe it will require further conversations in terms of how that will be co-developed with partners, but it is an idea that we are very much looking toward in order to expand the infrastructure supports that the federal government can provide.
I can assure you that it is work that is in progress, but I don’t have a commitment at this point.
Thank you, minister. First Nations Fiscal Management Act institutions see the need for monetization. They support at least 60% of First Nations in Canada and help build many tools for self-determination and economic growth. This chamber unanimously supported their expansion in a bill last year.
Minister, can you tell us how important Indigenous-led institutions are to supporting First Nations to build capacity?
Thank you, senator. There are a number of great examples of the work that First Nations financial institutions have undertaken over the years. The tax authority would be one solid example where we have made some significant progress and enabled local revenue generation that ultimately leads to self-determination. That is the path that we’re on.
We’ve had a number of discussions. I know Minister Hajdu has convened a round table with the major financial institutions in Canada: insurance companies and banks, as well as the Canada Infrastructure Bank and so on. There is a lot of work taking place to ensure and expand these authorities, and we look forward to that expansion so that we can have greater self-determination.
