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Banks Expanding Further Into Indigenous Financing as Project Push Accelerates
The new unit will offer advisory services and financing as RBC says Indigenous participation is essential to major projects.
- On Thursday, Royal Bank of Canada CEO Dave McKay launched an Indigenous advisory and finance practice at the First Nations Major Projects Coalition conference in Toronto to increase capital access for Indigenous-owned major projects.
- McKay noted banks are still learning to operate in this space, as only 8 per cent of Indigenous businesses use institutional loans as primary financing—far lower than the 31 per cent for non-Indigenous businesses.
- Housed within RBC's capital markets unit, the practice will offer First Nations "specialized expertise and capabilities," including expanded capital access and advisory services. Finance leadership circles launching this fall will support governance and financial management.
- First Nations Major Projects Coalition CEO Mark Podlasly said RBC's plans will help nations build institutional capacity to own major projects. Securing equity stakes creates certainty of consent and competitive advantage, he added.
- With most nation-building projects located on First Nations land, Ottawa's Major Projects Office accelerates development while Indigenous people in Canada hold about $120 billion in assets, underscoring significant growth potential for these partnerships.
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12 Articles
The Toronto Star+7 Reposted by 7 other sources
RBC establishing practice focused on Indigenous finance as project push accelerates
TORONTO - RBC says it is launching an advisory service to help Indigenous groups buy into major projects as Canada moves to accelerate development on numerous fronts.
·Toronto, Canada
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No, Indigenous people are not coming to take away your privately owned land
Corey Shefman Despite what you may have read over the last several weeks, Indigenous people – with the help of the courts – are not coming to seize your privately owned land. Since the landmark B.C. Court decision which declared that the Cowichan Tribes had never given up (what the law calls “surrendered”) a part […] The post No, Indigenous people are not coming to take away your privately owned land first appeared on Prince Albert Daily Herald.
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Total News Sources12
Leaning Left3Leaning Right1Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 38%
C 50%
12%
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