For Immediate Release<\/p>\n\n\n\n
FIRST NATIONS FINANCE AUTHORITY (FNFA) CONGRATULATES MI\u2019KMAQ FIRST NATIONS COALITION FOR LANDMARK CLEARWATER PURCHASE<\/em><\/strong><\/p>\n\n\n\n
$250 million dollar loan from FNFA helps make Clearwater deal a reality<\/em><\/strong><\/p>\n\n\n\n
Westbank, British Columbia (November 10, 2020)<\/strong> The intended purchase of the Canadian
Fishing Licenses which involves a 50 per cent equity share of Clearwater Seafoods by the
Mi\u2019kmaq First Nations Coalition is an historic step forward for the Indigenous economy,
according to the First Nations Finance Authority (FNFA).<\/p>\n\n\n\n
\u201cThis landmark deal which was made possible by a $250 million loan from FNFA shows the
collective purchasing power of First Nations when they stand together,\u201d said Ernie Daniels,
President and CEO of the FNFA. \u201cIt demonstrates we are stronger when we work together in
building the Indigenous economy.\u201d<\/em><\/strong><\/p>\n\n\n\n
FNFA has approved a $250 million loan to the Mi\u2019kmaq First Nations Coalition to purchase
Clearwater\u2019s Canadian offshore fishing licenses. Under the announced agreement, the First
Nations will receive contractual revenues on a quarterly basis from Clearwater which will have
a significant impact by creating revenue and boosting their economies.<\/p>\n\n\n\n
The Coalition is comprised of communities from across Nova Scotia and Newfoundland:
Membertou, Waycobah, Potlotek, Paqtnkek, Pictou Landing, Sipekne\u2019katik, and Miawpukek.<\/p>\n\n\n\n
\u201cThis is a major step forward for our community providing us with own source revenue and job
opportunities,\u201d said Chief Misel Joe of Miawpukek First Nation. \u201cWe look forward to working
with our First Nation and non-Indigenous partners to ensure a sustainable and viable seafood
industry.\u201d<\/em><\/strong><\/p>\n\n\n\n
Since its creation in 2005 by an Act of Parliament, the FNFA has financed almost $1 billion in
loans to 112 First Nations that have been certified through the First Nations Financial
Management Board. This has created over ten thousand jobs in the past five years alone and
supported economic development projects and construction of critical infrastructure such as
schools, community centres, water treatment and health facilities.<\/p>\n\n\n\n
202 \u2013 3500 Carrington Road
Westbank, B.C. Canada V4T 3C1
Head Office: 250.768.5253
Toll Free: 1.866.575.3632
Fax: 250.768.5258
www.fnfa.ca<\/p>\n\n\n\n