Enbridge Inc.'s Westcoast pipeline has provided natural gas through First Nations territories for over 65 years. In a major development, a consortium of 36 Indigenous communities has achieved a significant milestone by purchasing a 12.5% stake in the pipeline for $715 million. This deal, supported by a $400-million loan guarantee, is seen as a transformative moment for economic reconciliation. Leaders like Chief David Jimmie highlight its importance as an example of what such reconciliation can look like. This transaction represents the largest loan guarantee ever issued and enhances the involvement of Indigenous nations in significant economic ventures.
"This is truly a transformational transaction," said Elizabeth Wademan, president and CEO of Crown corporation Canada Development Investment Corp., which owns the Indigenous loan guarantee corporation. "It actually represents the largest loan guarantee that will be issued ever, as well as the largest number of Indigenous nations participating."
Under a deal announced Thursday, three dozen of those communities are to see long-term financial benefits from the 2,900-kilometre system that stretches from B.C.'s far northeast to the Canada-U.S. border.
Collection
[
|
...
]