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A new $45-million investment fund is being established in Quebec to stimulate economic growth in Indigenous communities.
First Nations Venture Capital of Quebec (FNVCQ) announced the launch of the fund, describing it as a financial vehicle and one that is an equal partnership between private investors and the provincial government.
Designed and managed by Indigenous actors, it’s a “decisive step toward real economic self-determination,” according to a news release published Thursday by FNVCQ.
The fund will focus investments on tourism, construction, renewable energy and service provided for the development of natural resources.
Haskan Sioui, chief executive officer of FNVCQ, says he wants to invest equally in these sectors, adding this marks a “new era” in Indigenous economic governance. He also says the investments with help create jobs.
“We’re expecting over 400 jobs,” he said, speaking with CBC after a news conference held Thursday in Wendake, Que., just outside Quebec City.
The site of the announcement, the Hôtel-Musée Premières Nations owned by the Wendat Nation, serves as an example of the potential benefits of investment, said Sioui.
FNVCQ invested in the hotel in 2008, he says.
“We created over 150 jobs here just with one project so can you imagine if we have more money, a bigger fund? The sky’s the limit for job creation,” he said.
Importance of financial autonomy
More and more Indigenous communities are relying on the tourism sector, says Francis Verreault-Paul, chief of the Assembly of First Nations Quebec-Labrador.
The organization is one of several Indigenous partners.
“There’s a lot of enthusiasm around Indigenous tourism, I think people want to know more about First Nations,” he said.
He says financial autonomy is one of the essential tools for self-determination.
Ian Lafrenière, Quebec’s minister responsible for relations with First Nations and Inuit, was present at the news conference.
He said the entire province, particularly Quebec’s regions, will benefit from the impact of the projects financed under this plan.
“Indigenous entrepreneurs are essential partners in growing our economy,” he said.
