Released on May 11, 2006
The First Nations and Métis Fund has been established to help stimulate Saskatchewan's economy by investing in Saskatchewan-based First Nations and Métis businesses.Crown Investments Corporation (CIC) will provide up to $20 million for the Fund over the next four years. The Fund will make investments of between $1 million and $3 million in new or expanding businesses, which are majority-owned or controlled by First Nations or Métis people.
"The First Nations and Métis Fund will help create economic development opportunities and jobs in our province for First Nations and Métis people," Crown Investments Corporation Minister Maynard Sonntag said. "First Nations and Métis people are a growing segment of Saskatchewan's population, so this Fund will provide much-needed support to strengthen their participation in our economy."
"First Nations are pleased to have been able to work hand in hand with the Province to design a Fund that will assist First Nations business people in Saskatchewan," Guy Lonechild, Vice-Chief, Federation of Saskatchewan Indian Nations said. "This Fund will be an important catalyst in helping First Nations people achieve economic prosperity."
The First Nations and Métis Fund will focus on making investments in Saskatchewan's key strategic growth sectors: value-added agriculture; advanced technology; energy; mining; forestry and forestry developments; and manufacturing, as well as Aboriginal-themed tourism.
"The Fund is not only creating economic opportunity, it is building a relationship between the Province of Saskatchewan and its First Nations people," Saskatchewan Indian Equity Foundation (SIEF) chair Lucy Pelletier said. "The Fund will enhance SIEF's mandate to generate wealth, build capacity in the governance and management sectors, and to create meaningful employment."
"We welcome this new Fund because it will provide Métis people, businesses and communities with additional financial resources for business development in the province," Clarence Campeau Development Fund chair Ron Rivard said.
The Fund will be administered by CIC staff and managed by a professional fund manager, Westcap Mgt. Ltd. of Saskatoon. Westcap has a track record of success in the venture capital field and experience working with Aboriginal economic development ventures.
"We are proud to be associated with this new initiative which, will have such a positive effect on First Nations and Métis people and communities," Westcap President and CEO Grant Kook said. "Our role will be to help bridge and close the business gap between Aboriginal and non-Aboriginal businesses, partners and investors."
"CIC is excited about the potential of the First Nations and Métis Fund," Sonntag said. "We look forward to working with Westcap and with First Nations and Métis people and organizations to explore investment opportunities that will benefit Aboriginal people and our economy as a whole."
For more information about the First Nations and Métis Fund, call (306) 665-0200 or email fnmf@sasktel.net.
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For More Information, Contact:
| Karen Schmidt CIC Regina Phone: (306) 787-5889 |