By The Canadian Press

Oil and Gas

Indigenous Opportunities Corporation to help draw investment into energy sector

Jun 10, 2019 | 6:25 PM

EDMONTON – Alberta will bring in legislation this fall to create a Crown corporation backstopped by $1 billion to help First Nations invest in major energy projects like pipelines.

Premier Jason Kenney made the announcement after meeting with chiefs from across Alberta at Government House in Edmonton.

The legislation, following up on an election campaign promise, will create the Indigenous Opportunities Corporation.

On the campaign trail, Kenney promised his government would fund the corporation with $24 million over the first four years to give legal, technical and financial advice to First Nations looking to initiate or participate in energy projects.

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The province would also provide $1 billion to provide financial backstops and loan guarantees.

Kenney says the corporation addresses a historic imbalance, adding that for too long some First Nations did not have the financial means to get commercial rates of credit.