Banks expanding further into Indigenous financing as project push accelerates

FNMPC CEO Mark Podlasly speaks at the annual First Nations Major Projects Coalition conference in Toronto, on Thursday, April 30, 2026. THE CANADIAN PRESS/Sammy Kogan

TORONTO — As Indigenous ownership in major projects is increasingly framed as a way to help ensure they go ahead, banks are working to expand their offerings to help make such equity deals happen.

RBC is the latest to expand its capacity, announcing Thursday that it is launching an advisory service to help Indigenous groups buy into major projects.

The practice adds to efforts like BMO’s launch of the first labelled Indigenous bond last October, and Scotiabank’s backing of investment dealer Cedar Leaf Capital Inc. to open more doors to financial services for Indigenous groups.

“The banks recognize that this is a growth area,” Mark Podlasly, chief executive of the First Nations Major Projects Coalition, said at a conference in Toronto on Thursday.

Indigenous people in Canada already have some $120 billion in assets under management or control, and with the right financing mechanisms, they can buy into projects and stop being passive participants, said Podlasly.

“Indigenous people can start to leverage the assets that they do have,” he said.

Securing an ownership stake can help de-risk a project by signalling consent, while also providing longer-term returns for the communities buying in, said Podlasly.

RBC Dave McKay said at the conference that it’s still early days for many of the financing routes, but banks are helping build capacity.

“The reality is that banks are still learning how to operate in this space,” he said.

RBC’s Indigenous advisory service will help communities navigate opportunities like the federal loan guarantee program, which helps create lower borrowing costs.

Combined federal and provincial loan guarantee programs have grown to $17 billion in capacity, but so far only about $1.8 billion has been allocated across 26 deals, said McKay.

“While this is a good start, it does point to structural barriers that, if left unaddressed, will limit Canada’s ability to build at the scale this moment demands.”

Building Indigenous financing routes is a movement gaining traction internationally, as attendees at the FNMPC conference heard Thursday.

Maori Queen Nga wai hono i te po said in an address that Indigenous finance networks and initiatives are growing, such as the $100 million Kotahitanga Fund launched last year to pool and invest Maori funds.

“New capital frameworks are emerging,” she said.

“First Nations are asserting ownership in major projects, not as beneficiaries, but as partners and leaders.”

Increased control and participation in the financing side also ensures Indigenous priorities are preserved, she said.

“Capital shaped by Indigenous values is defined by what it protects, what it builds and what it leaves for those who come after. The well-being of our people. The strength of the environment. And the inheritance we pass on.”

This report by The Canadian Press was first published April 30, 2026.

The Canadian Press