Western Standard - October 30, 2023


Alberta leading on economic reconciliation

Topics
Alberta Indigenous Opportunity Corporation loan guarantees economic reconciliation initiatives
Mentioned
Rick Wilson Shanna Danielle Smith Rolo Tomasi Muskegsic
A Lamborghini for retirement, maybe not Call to remove the GST on home heating fuel for all Canadians

Episode Stats


Length

12 minutes

Words per minute

139.69

Word count

1,727

Sentence count

100

Harmful content

Hate speech

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

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

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 I often say that Alberta's government is laser-focused on economic growth and job creators in our province,
00:00:05.220 and our efforts to attract investment to Alberta have a record of success that proves that.
00:00:09.660 And that's true of every industry, including energy.
00:00:12.480 Markets across the globe want cleaner energy sources to reduce emissions, and Alberta can deliver them.
00:00:17.360 Getting Alberta energy to global markets will lift the standards of living of billions of people
00:00:22.720 who live in different degrees of energy poverty.
00:00:25.420 But we will not be doing this alone.
00:00:26.880 Indigenous participation and leadership is vital to these projects.
00:00:30.460 It's a critical piece of working towards economic reconciliation.
00:00:34.260 In Alberta, we are proud to encourage and facilitate Indigenous participation
00:00:39.060 through the Alberta Indigenous Opportunities Corporation.
00:00:41.860 Historically, Indigenous peoples have been overlooked and underserved in our economy,
00:00:46.560 but we are determined to change that.
00:00:48.640 In 2019, we created the Alberta Indigenous Opportunity Corporation with a loan guarantee capacity of $1 billion.
00:00:54.140 This past spring, during the election campaign, we committed to at least double the AIOC's loan guarantee capacity to $2 billion.
00:01:02.000 Today, I am very pleased to announce that we are expanding the Alberta Indigenous Opportunity Corporation's loan guarantee capacity to $3 billion.
00:01:10.100 We are tripling the level of support this Crown Corporation can provide.
00:01:14.380 This is about Alberta continuing to lead the country in economic and social reconciliation with Indigenous peoples.
00:01:19.640 Our goal in creating a corporation was to backstop Indigenous investment in major projects 0.63
00:01:24.480 for the purpose of creating enduring streams of revenue for their communities.
00:01:28.420 By providing loan guarantees, the AIOC helps to increase the amount of money that Indigenous businesses and communities can borrow,
00:01:34.320 while also reducing the cost of borrowing.
00:01:36.360 This empowers Indigenous communities to invest in major economic development projects,
00:01:41.060 not just in energy, but also major agriculture, telecommunications, transportation, and related infrastructure.
00:01:47.280 Over the past four years, AIOC has supported more than $500 million worth of investments,
00:01:52.540 benefiting nearly 30 Indigenous communities across our province.
00:01:56.140 Earlier this month, we raised the AIOC cap to $2 billion effective immediately,
00:02:00.220 and that cap will rise again to $3 billion in 2024-25.
00:02:03.860 The level of investment support the AIOC offers was already unparalleled in Canada,
00:02:08.920 and now we are unleashing even more potential.
00:02:11.820 And Alberta is determined to continue to find new ways to expand Indigenous participation in the economy
00:02:16.700 and empower First Nations and Métis communities to be our partners in prosperity.
00:02:21.240 Rick and Shanna, thank you so much to both of you for your diligent work and your passion.
00:02:25.300 I'm really looking forward to seeing all the exciting investments the AIOC will be able to support in the future.
00:02:29.880 And with that, I'd like to turn it over to Minister Rick Wilson to elaborate on our work here.
00:02:35.540 Minister.
00:02:39.840 Thank you, Premier Smith, and thanks for joining us, Shanna, and Chief Cody Thomas as well.
00:02:46.800 I'm so delighted that this increases the level of support for the AIOC
00:02:50.540 and what it can provide through low-risk loan guarantees.
00:02:54.520 The potential is tremendous, and this builds on the incredible work that Shanna and the AIOC
00:02:59.940 have already done to support Indigenous investment.
00:03:04.040 You know, they just closed a deal that provided a $103 million loan guarantee
00:03:07.980 to five Indigenous communities, making it possible for them to acquire a 43% stake
00:03:13.740 in the Access NGL pipeline system.
00:03:17.020 And just last year, the AIOC backstopped one of the largest Indigenous energy investments ever,
00:03:22.300 a deal worth more than $1 billion.
00:03:25.100 These loan guarantees come at no cost to government,
00:03:28.280 thanks to the AIOC's rigorous review process.
00:03:31.900 We've got a lot of projects getting ready to take off,
00:03:34.560 and I'm looking forward to more major announcements in the very near future.
00:03:38.740 As the Premier mentioned, the AIOC is breaking down barriers.
00:03:41.440 The Federal Indian Act doesn't enable First Nations to use their land as collateral.
00:03:47.480 Now, this makes it very difficult and hard for them to borrow money for some of these projects.
00:03:51.980 By providing these loan guarantees,
00:03:54.340 the AIOC helps create those opportunities that didn't exist before.
00:03:58.320 And boy, has it ever made a game-changer for Indigenous economic inclusion.
00:04:03.720 Including Indigenous people in every level of the economy
00:04:06.080 is a huge part of our push towards economic reconciliation.
00:04:09.660 Economic reconciliation is a vital way to support healthy,
00:04:15.000 safe, and sustainable Indigenous communities.
00:04:18.580 It's about improving social outcomes through economic growth.
00:04:22.180 It's about creating good jobs.
00:04:24.300 And it's about enhancing livelihoods.
00:04:27.020 Now, we're doing that through many partner programs,
00:04:29.500 and we've increased the momentum this year.
00:04:31.360 With Budget 2023, we expanded what we call the ABIF program,
00:04:36.280 it's our Aboriginal Business Investment Fund, by 50%.
00:04:39.480 That's increasing its annual grant funding from $5 million to $7.5 million.
00:04:44.360 This program gives money to Indigenous businesses and organizations
00:04:47.620 for important development projects.
00:04:50.140 Since 2014, it's supported more than 75 projects
00:04:53.500 and created more than 650 permanent jobs.
00:04:57.620 We also created the Indigenous Reconciliation Initiative
00:05:00.680 and the Community Support Fund,
00:05:03.200 two new grant programs for this year.
00:05:06.160 Between these two programs,
00:05:07.400 we're providing $7 million a year in grants
00:05:09.800 to support community-led projects
00:05:11.820 that are going to make a huge difference.
00:05:13.540 And we also have the First Nations Development Fund,
00:05:16.880 we call the FNDF.
00:05:18.560 Now, this takes money from government-owned slot machines
00:05:20.580 in First Nation casinos
00:05:21.700 and gives it right back to those communities.
00:05:24.780 In 23-24 alone,
00:05:26.120 the FND is expected to provide over $150 million
00:05:29.200 to support economic and social development projects
00:05:32.360 across 47 First Nations.
00:05:35.780 We're fully commended to being partners in prosperity
00:05:38.160 with Indigenous people,
00:05:39.580 and I'm always encouraged by the amazing projects
00:05:41.960 that come out of these initiatives.
00:05:44.300 I know big things are on the horizon,
00:05:46.360 particularly now that we're expanding AIOC's capacity.
00:05:50.080 Shanna shares our enthusiasm for economic reconciliation,
00:05:53.420 and I know her and her team will continue to support
00:05:55.640 exciting new opportunities for Indigenous communities.
00:05:59.040 So I'd like to invite Shanna now,
00:06:00.640 the CEO of the AIOC, to the podium.
00:06:06.520 Thank you, Premier Smith,
00:06:12.540 Minister Wilson,
00:06:13.920 and welcome, Chief Cody.
00:06:16.360 This truly is a historic day.
00:06:19.920 I am honored to stand before you today
00:06:21.980 to highlight the transformational impact
00:06:25.280 that the AIOC Loan Guarantee Program
00:06:27.420 has provided for Indigenous communities in our province.
00:06:29.780 Since 2019, in four short years,
00:06:33.220 we have helped 27 Indigenous communities invest over $500 million
00:06:37.740 in large-scale infrastructure projects in our province.
00:06:41.880 The benefits from these programs directly impact over 61,000 people.
00:06:49.380 Today is about empowering Indigenous communities.
00:06:52.500 It's about making their aspirations
00:06:54.600 and economic independence a reality.
00:06:58.880 These increased investments benefit all Albertans.
00:07:04.380 They fuel economic growth, innovation, and job creation,
00:07:08.960 contributing to the overall prosperity of our province.
00:07:11.720 It's about building a stronger, more inclusive,
00:07:15.780 more prosperous Alberta for everyone.
00:07:20.100 Just over one year ago, as the Minister mentioned,
00:07:23.420 AIOC supported 23 First Nation and Métis communities
00:07:26.980 to buy just over 11% of the Enbridge trunk line assets.
00:07:30.300 It was a monumental transaction, and the world took notice.
00:07:36.680 Jurisdictions from across Canada and around the globe
00:07:39.260 are reaching out to find out how we are bringing
00:07:41.660 Reconcili action to life.
00:07:44.320 Our momentum is accelerating.
00:07:46.860 More and more corporations are seeing the tremendous value
00:07:49.860 of truly partnering with their Indigenous neighbours,
00:07:53.120 sharing the benefits and the risks of their projects.
00:07:56.100 Due to restrictions in the Indian Act,
00:08:01.280 these partnerships would not be possible
00:08:03.120 without a government loan guarantee.
00:08:06.000 With over half of our initial $1 billion loan guarantee allocation
00:08:09.580 already deployed, and hopefully more to come, Minister,
00:08:12.880 just a little bit more patience,
00:08:14.700 I am thrilled with the announcement that the province has made
00:08:17.980 to increase our loan capacity to $3 billion,
00:08:22.320 an unprecedented move, to be sure.
00:08:26.100 Our loan guarantee program is already nationally and globally leading,
00:08:30.320 and we are taking another huge step forward here today.
00:08:34.280 This increase is a tangible commitment
00:08:36.600 to creating a brighter future for all Albertans.
00:08:40.400 Alberta is leading the way with a focus on sustainability
00:08:43.780 and responsible resource development,
00:08:46.960 benefiting not just our generation, but those to come.
00:08:50.600 We are building a stronger Alberta together.
00:08:59.320 Now, I will call on Chief Cody to come and say a few words.
00:09:02.880 Ladies and gentlemen, good afternoon.
00:09:15.220 It is a profound honour to stand before you today.
00:09:18.500 I am elated by the recent expansion of loan capacity
00:09:21.060 provided by Alberta's government
00:09:22.760 to the Alberta Indigenous Opportunities Corporation, AIOC.
00:09:26.420 This milestone represents a significant step towards
00:09:30.060 realizing the principles set forth
00:09:31.860 by the Truth and Reconciliation Commission
00:09:33.860 and its 94 calls to action.
00:09:36.920 Since its inception in 2019,
00:09:39.740 the AIOC has been a transformative force
00:09:42.400 for Indigenous communities across our province.
00:09:45.020 It has opened the door to remarkable opportunities
00:09:47.360 in economic development and Indigenous engagement
00:09:49.680 through its support of loan guarantees.
00:09:51.440 In 2020, Enoch Cree Nation, Muskegsic,
00:09:55.180 alongside five other First Nations,
00:09:58.100 played a pivotal role
00:09:58.980 in the $1.5 billion Cascade Power Project.
00:10:03.060 This partnership was made possible
00:10:04.540 through the AIOC loan guarantee,
00:10:07.120 allowing us to actively participate
00:10:09.260 in the game-changing initiative.
00:10:11.920 Projects like the Cascade Power
00:10:13.320 empower Indigenous communities
00:10:16.520 with newfound opportunities
00:10:18.000 and financial versatility,
00:10:20.020 enabling us to reinvest in our communities,
00:10:23.520 such as Involvement and Paramount,
00:10:25.400 as it not only benefits the current generation,
00:10:28.160 but also paves the way for prosperity
00:10:29.840 among our descendants.
00:10:32.040 These initiatives stimulate economic growth,
00:10:34.980 foster job creation,
00:10:36.580 nurture innovation,
00:10:38.640 cultivate generational wealth,
00:10:40.200 which in turn enriches
00:10:41.180 the very facet of our province.
00:10:43.420 I extend my heartfelt congratulations
00:10:45.300 to the Alberta government,
00:10:47.280 the AIOC,
00:10:47.900 for the extraordinary commitment
00:10:49.220 to this expansion.
00:10:51.440 Potential for Indigenous inclusion
00:10:53.200 in the economy is boundless,
00:10:55.080 filling me with optimism
00:10:56.140 for our people's future.
00:10:58.360 These transformative agreements
00:11:00.240 usher in diversity
00:11:01.280 and boundless opportunity
00:11:02.720 for Indigenous communities.
00:11:04.900 Reconciliation is a journey
00:11:06.280 of concrete actions,
00:11:07.940 and from an economic perspective,
00:11:09.600 this expansion represents
00:11:10.840 a substantial stride
00:11:12.320 towards a brighter future
00:11:13.360 for our people.
00:11:14.020 I applaud the AIOC
00:11:15.920 for their remarkable work
00:11:18.220 since the program's inception
00:11:19.480 and eagerly anticipate
00:11:20.780 the prospects
00:11:21.540 and opportunities
00:11:22.520 accompanying
00:11:23.100 this monumental expansion.
00:11:26.680 My gratitude goes out
00:11:28.720 to Premier Daniel Smith
00:11:29.840 and my esteemed friend,
00:11:32.260 Minister Wilson,
00:11:33.920 for their unwavering collaboration
00:11:35.700 with Indigenous peoples
00:11:36.940 and driving meaningful
00:11:38.180 and impactful change
00:11:40.180 for our province.
00:11:40.960 To all of you gathered here today,
00:11:46.740 I am genuinely thrilled
00:11:48.520 about the potential
00:11:49.300 that lies ahead.
00:11:50.640 Together we can forge
00:11:51.640 a more equitable
00:11:52.540 and prosperous future for all.
00:11:54.700 Hai hai.
00:11:54.960 do you
00:12:10.880 do you
00:12:11.300 do
00:12:13.840 I
00:12:14.740 do
00:12:16.900 I
00:12:18.680 do
00:12:21.200 I