New certification to focus on large infrastructure projects in Indigenous communities
By Sam Laskaris
OTTAWA – Indigenous communities across Canada are expected to benefit from a new finance certification program announced this past week.
Details for the program were officially released on Nov. 10. The goal of the program is to enable Indigenous communities from across the country to structure and manage large infrastructure projects.
The program is a collaborative effort between the Aboriginal Financial Officers Association (AFOA) Canada, the Canada Infrastructure Bank (CIB) and TD Bank Group.
Terry Goodtrack, who is the president and CEO of AFOA Canada, said officials from his association made initial contact with CIB reps during the program planning stages.
“We approached them because they have the funding – about $5 billion going out to Indigenous communities,” Goodtrack said.
Then, another partner was brought in.
“They asked us if we wanted to include a financial group in this program,” Goodtrack said.
AFOA Canada, launched 23 years ago, is a leading association for Indigenous finance, management, and governance.
The association’s focus is on assisting Indigenous professionals working in finance, management, leadership, band administration, and program management.
The new finance certification program will allow members of Indigenous communities to better understand how project financing works for massive infrastructure projects.
Those in the program will be viewing various modules, including ones that focus on risk management and project financing, contracting, and asset maintenance.
“It’s really going to take us a good four to six months to develop the project,” Goodtrack said. “And then we have to do a pilot.”
Goodtrack estimates it will take 12-16 months before Indigenous communities can start taking advantage of the program.
Goodtrack added large infrastructure projects in Indigenous communities include building roads, bridges, or wind farms.
“Any community that is undertaking a large infrastructure project is going to be able to be part of the program,” Goodtrack said.
The program will not only enable members of Indigenous communities to better understand the nuances of financing noteworthy infrastructure ventures, it will also help to give participants additional confidence to work with external consultants.
And in the long run, the program will help support economic growth by building capacity in Indigenous communities.
Ehren Cory, CIB’s CEO, said his group has been committed to reconciliation as it already provides advisory services and builds capacity for Indigenous participation in massive projects.
“By collaborating with AFOA Canada and TD Bank Group, we are supporting more equitable access to training and education opportunities for Indigenous communities,” Cory said. “Enhanced project finance training will ensure Indigenous communities have the resources to access capital and develop infrastructure projects that prioritize local needs and deliver positive outcomes.”
Doris Bear, the TD Bank Group’s vice-president of Indigenous banking, also speaks highly of the new program.
“We are very proud to support AFOA Canada through the TD Ready Commitment, the Bank’s corporate citizenship strategy,” Bear said. “Through this unique certification program, professionals from Indigenous communities will be able to build capacity in key areas of large infrastructure initiatives, which will have a direct and tangible impact on many Indigenous communities.”