Aboriginal Affairs and Northern Development Canada

Aboriginal Affairs and Northern Development Canada

April 17, 2012 09:00 ET

Government of Canada and Nunavut Resources Corporation Partner to Establish Major Resource and Energy Development Fund

IQALUIT, NUNAVUT--(Marketwire - April 17, 2012) - The Honourable Leona Aglukkaq, Minister of the Canadian Northern Economic Development Agency (CanNor) and Minister of Health, on behalf of the Honourable John Duncan, Minister of Aboriginal Affairs and Northern Development, announced today a new investment fund to support Inuit participation in major natural resource projects in Nunavut.

The Government of Canada is contributing funding of $3 million in partnership with the Nunavut Resources Corporation (NRC), which has access to an additional $2.6 million, to capitalize an investment fund created for the purposes of supporting major resource development projects in the Kitikmeot region, as well as increasing employment opportunities for the growing Inuit population in the territory.The new self-sustaining fund will be managed by the NRC, an arms-length economic development corporation established in January 2010 by Kitikmeot Inuit Association (KIA) to negotiate commercial partnerships.

"Major resource exploration and development projects play a key role in the northern economy, and our Government is proud to support initiatives that will ensure that Northerners benefit from these tremendous opportunities," said Minister Aglukkaq.

"This investment demonstrates our Government's commitment to increase Inuit participation in the Canadian economy," said Minister Duncan. "With the creation of this fund, more Inuit will have an opportunity to play a leading role in harnessing and developing the natural resources of Nunavut."

"In helping Inuit to seize full advantage of resource and energy business opportunities in Nunavut, this new Fund will create wealth and bring economic and social spin-offs for our community," said Charlie Evalik, Chair and CEO of NRC and President of the KIA.

Emerging markets around the world have provided Canada with a tremendous opportunity to responsibly develop our abundant natural resources for the benefit of all Canadians. In 2010, natural resource sectors employed over 760,000 workers in communities throughout the country. In the next 10 years, more than 500 major economic projects representing over $500 billion in new investments are planned across Canada.

Funding for this initiative was made through Aboriginal Affairs and Northern Development Canada's Major Projects and Investment Fund (formerly known as Major Resource and Energy Development Investments Initiative), which is designed to help Aboriginal businesses partner in some of the most important energy and economic development projects in the country.

The Government of Canada is committed to unlocking the economic potential of First Nations, Métis and Inuit by creating conditions to accelerate economic development opportunities in order to build strong, sustainable, self-sufficient communities, create jobs and maximize benefits for all Canadians. In June 2009, the Government of Canada released the Federal Framework for Aboriginal Economic Development, which represents a fundamental change to how the federal government supports Aboriginal economic development.

This release is also available on the Internet at www.aandc.gc.ca.

To get more info on the Canadian Northern Economic Development Agency and its programs, visit: www.cannor.gc.ca

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Contact Information

  • Minister's Office
    Jan O'Driscoll
    Press Secretary
    Office of the Honourable John Duncan

    Minister's Office
    Cailin Rodgers
    Press Secretary
    Office of the Honourable Leona Aglukkaq

    Media Relations
    Aboriginal Affairs and Northern
    Development Canada

    Nunavut Resources Corporation
    Charlie Evalik
    Chair and CEO, NRC