We have a target to invest $1 billion in Indigenous infrastructure projects in partnership with and for benefit of Indigenous communities across our five priority sectors, as outlined in the Statement of Priorities and Accountabilities.
Our emphasis is on collaboration to deliver new infrastructure in partnership with Indigenous communities. Our financing is an additional tool for Indigenous communities to use in combination with public funding and private and institutional investment for their infrastructure priorities.
Many Indigenous communities have expressed an interest in working with our team to further advance infrastructure projects on their traditional territories and in their communities. This collaboration is a significant opportunity, and we’ve expanded our Advisory and Investment teams to include the necessary expertise to advance reconciliation with First Nation, Métis and Inuit partners.
Our Investment team is already active in projects that include Indigenous partners, including Tshiuetin Railway, Oneida Energy Storage and Kivalliq Hydro-Fibre Link.
The Indigenous Community Infrastructure Initiative (ICII) is a new lending solution to accelerate Indigenous community infrastructure investments by providing low-cost and long-term loans to Indigenous projects across the CIB’s priority sectors of: clean power, green infrastructure, public transit, broadband, and trade and transportation.
Through the ICII, our investment team will be looking to invest in Indigenous projects that provide a direct benefit to an Indigenous community or communities. These projects must:
- Fall within at least one of the CIB’s priority sectors and be located in Canada;
- provide direct benefit to an Indigenous community;
- generate revenue, but can also be supported by other community revenues;
- include Indigenous community capital and/or other industry sponsor investment of at least 20% of project capital cost net of grants;
- represent an investment of at least $5 million and up to $100 million, and not more than 80% of project cost net of grants;
- evidence that no other lender will provide financing at terms and conditions that make the Project viable ; and
- be new or represent significant upgrades to existing infrastructure.