2 minute read
Advocacy
In April of this year the Government of Saskatchewan introduced new legislation to create the Saskatchewan Indigenous Investment Finance Corporation (SIIFC) to support the participation of Indigenous people in the province’s natural resource and value-added sectors. The SIIFC which has now begun accepting applications will offer loan guarantees to eligible First Nations and Métis communities and organizations to support investment in forestry, mining, oil and gas, energy production and value-added agriculture projects.
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The Chamber reached out to the Minister of Trade and Export Development, Jeremy Harrison to learn more about this important announcement and the impact the program will have across Saskatchewan.
What differentiates this initiative from other’s across Canada?
Indigenous communities and organizations are increasingly wanting to be equity participants on natural resource and valueadded agriculture projects in the province, which the SIIFC will help facilitate. The SIIFC was designed to have minimal operational costs for the Government of Saskatchewan, enabling more money to be available for loan guarantees.
What are the milestones the program is hoping to hit? What criteria would the government look for to determine success?
Our focus is supporting quality projects with solid financial fundamentals and clear benefits for Indigenous communities and organizations. Success will be measured through the long-term economic value created by the projects that are supported.
How does the SIIFC align with Saskatchewan’s Growth Plan?
The SIIFC aligns with the Saskatchewan Growth Plan’s goal to grow Indigenous participation in Saskatchewan’s natural resource industries. Indigenous involvement in economic development projects is already creating positive impacts in our Indigenous communities and our province as a whole. Establishing the SIIFC will build on that success while clearly demonstrating our Government’s commitment to increasing Indigenous participation in the economy, which is the foundation of economic reconciliation.
Are there any discussions to offer loan guarantees to other sectors than the ones specified through SIIFC?
The sectors currently supported by SIIFC offer a wide array of investment and growth opportunities. The mining, energy, oil and gas, forestry, and value-added agriculture sectors are already core economic sectors in our province and are poised for even more growth in the future. While the number of sectors could be expanded in the future, this is not currently under consideration.
The program is new, with applications just now being accepted. Has there been good interest and support for the program so far?
This initiative was well-received at announcement and there has been significant interest since from both Indigenous leaders and resource companies. We are excited to be able to support increased Indigenous participation in projects in the province which will benefit everyone in Saskatchewan. To find out more about the SIIFC, check out the official website today.
www.siffc.ca
“Saskatchewan is fortunate to already have a number of successful Indigenous-led companies and organizations that are strong contributors to our province’s economic growth,” Trade and Export Development Minister Jeremy Harrison said. “The SIIFC will enable more Indigenous involvement in our key natural resource and agri-value sectors, which will create economic opportunities in Indigenous communities and right across Saskatchewan.
