Alberta leading on economic reconciliation
Episode Stats
Words per Minute
139.69478
Summary
In this episode, Premier Rachel Notley and Minister Rick Wilson talk about the Alberta Indigenous Opportunities Corporation (AIOC) and the work it has done to support Indigenous economic development in Alberta. They discuss the importance of Indigenous participation in the economy, the challenges faced by First Nations and Métis communities, and how the AIOC is helping to break down barriers.
Transcript
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I often say that Alberta's government is laser-focused on economic growth and job creators in our province,
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and our efforts to attract investment to Alberta have a record of success that proves that.
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And that's true of every industry, including energy.
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Markets across the globe want cleaner energy sources to reduce emissions, and Alberta can deliver them.
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Getting Alberta energy to global markets will lift the standards of living of billions of people
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who live in different degrees of energy poverty.
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Indigenous participation and leadership is vital to these projects.
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It's a critical piece of working towards economic reconciliation.
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In Alberta, we are proud to encourage and facilitate Indigenous participation
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through the Alberta Indigenous Opportunities Corporation.
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Historically, Indigenous peoples have been overlooked and underserved in our economy,
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In 2019, we created the Alberta Indigenous Opportunity Corporation with a loan guarantee capacity of $1 billion.
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This past spring, during the election campaign, we committed to at least double the AIOC's loan guarantee capacity to $2 billion.
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Today, I am very pleased to announce that we are expanding the Alberta Indigenous Opportunity Corporation's loan guarantee capacity to $3 billion.
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We are tripling the level of support this Crown Corporation can provide.
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This is about Alberta continuing to lead the country in economic and social reconciliation with Indigenous peoples.
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Our goal in creating a corporation was to backstop Indigenous investment in major projects
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for the purpose of creating enduring streams of revenue for their communities.
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By providing loan guarantees, the AIOC helps to increase the amount of money that Indigenous businesses and communities can borrow,
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This empowers Indigenous communities to invest in major economic development projects,
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not just in energy, but also major agriculture, telecommunications, transportation, and related infrastructure.
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Over the past four years, AIOC has supported more than $500 million worth of investments,
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benefiting nearly 30 Indigenous communities across our province.
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Earlier this month, we raised the AIOC cap to $2 billion effective immediately,
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and that cap will rise again to $3 billion in 2024-25.
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The level of investment support the AIOC offers was already unparalleled in Canada,
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And Alberta is determined to continue to find new ways to expand Indigenous participation in the economy
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and empower First Nations and Métis communities to be our partners in prosperity.
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Rick and Shanna, thank you so much to both of you for your diligent work and your passion.
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I'm really looking forward to seeing all the exciting investments the AIOC will be able to support in the future.
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And with that, I'd like to turn it over to Minister Rick Wilson to elaborate on our work here.
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Thank you, Premier Smith, and thanks for joining us, Shanna, and Chief Cody Thomas as well.
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I'm so delighted that this increases the level of support for the AIOC
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and what it can provide through low-risk loan guarantees.
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The potential is tremendous, and this builds on the incredible work that Shanna and the AIOC
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have already done to support Indigenous investment.
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You know, they just closed a deal that provided a $103 million loan guarantee
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to five Indigenous communities, making it possible for them to acquire a 43% stake
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And just last year, the AIOC backstopped one of the largest Indigenous energy investments ever,
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These loan guarantees come at no cost to government,
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We've got a lot of projects getting ready to take off,
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and I'm looking forward to more major announcements in the very near future.
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As the Premier mentioned, the AIOC is breaking down barriers.
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The Federal Indian Act doesn't enable First Nations to use their land as collateral.
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Now, this makes it very difficult and hard for them to borrow money for some of these projects.
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the AIOC helps create those opportunities that didn't exist before.
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And boy, has it ever made a game-changer for Indigenous economic inclusion.
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Including Indigenous people in every level of the economy
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is a huge part of our push towards economic reconciliation.
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Economic reconciliation is a vital way to support healthy,
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It's about improving social outcomes through economic growth.
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Now, we're doing that through many partner programs,
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With Budget 2023, we expanded what we call the ABIF program,
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it's our Aboriginal Business Investment Fund, by 50%.
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That's increasing its annual grant funding from $5 million to $7.5 million.
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This program gives money to Indigenous businesses and organizations
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Since 2014, it's supported more than 75 projects
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We also created the Indigenous Reconciliation Initiative
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And we also have the First Nations Development Fund,
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Now, this takes money from government-owned slot machines
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the FND is expected to provide over $150 million
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to support economic and social development projects
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We're fully commended to being partners in prosperity
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and I'm always encouraged by the amazing projects
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particularly now that we're expanding AIOC's capacity.
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Shanna shares our enthusiasm for economic reconciliation,
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and I know her and her team will continue to support
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exciting new opportunities for Indigenous communities.
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has provided for Indigenous communities in our province.
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we have helped 27 Indigenous communities invest over $500 million
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in large-scale infrastructure projects in our province.
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The benefits from these programs directly impact over 61,000 people.
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Today is about empowering Indigenous communities.
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These increased investments benefit all Albertans.
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They fuel economic growth, innovation, and job creation,
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contributing to the overall prosperity of our province.
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It's about building a stronger, more inclusive,
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Just over one year ago, as the Minister mentioned,
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AIOC supported 23 First Nation and Métis communities
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to buy just over 11% of the Enbridge trunk line assets.
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It was a monumental transaction, and the world took notice.
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Jurisdictions from across Canada and around the globe
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are reaching out to find out how we are bringing
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More and more corporations are seeing the tremendous value
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of truly partnering with their Indigenous neighbours,
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sharing the benefits and the risks of their projects.
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With over half of our initial $1 billion loan guarantee allocation
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already deployed, and hopefully more to come, Minister,
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I am thrilled with the announcement that the province has made
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Our loan guarantee program is already nationally and globally leading,
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and we are taking another huge step forward here today.
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to creating a brighter future for all Albertans.
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Alberta is leading the way with a focus on sustainability
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benefiting not just our generation, but those to come.
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Now, I will call on Chief Cody to come and say a few words.
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It is a profound honour to stand before you today.
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I am elated by the recent expansion of loan capacity
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to the Alberta Indigenous Opportunities Corporation, AIOC.
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This milestone represents a significant step towards
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for Indigenous communities across our province.
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It has opened the door to remarkable opportunities
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in economic development and Indigenous engagement
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as it not only benefits the current generation,