Raise a Glass to Malbec! Malbec World Day, April 17 | SaltWire #reels #shorts #wine #foodOTTAWA, April 16 - Canada will provide up toC$5 billion in loan guarantees to allow indigenous groups to invest in energy deals such as oil and gas projects, the Liberal government said in its annual budget on Tuesday.
The development in theory would result in major investment opportunities, from the government-owned Trans Mountain oil pipeline to TC Energy's Coastal GasLink pipeline.The Liberal government, which came to power in late 2015, has invested billions of dollars to improve the living conditions of Canada's first nations who have higher levels of poverty and a lower life expectancy than other Canadians.
"The program would be sector agnostic for natural and energy projects to prioritize economic reconciliations," said the budget document For energy companies, Indigenous partnerships provide capital infusions and a way to speed projects through approval from provincial governments that in some cases require First Nations equity.
A federal loan guarantee would allow First Nations to borrow at favorable rates, enabling them to profit, say experts.((Reuters Ottawa bureau;