Thank you, Mr. Chairman, and good morning to everybody.
First of all, I want to tell you how pleased we are with the opportunity to address the committee this morning. Certainly we understand the challenges that arise in trying to accommodate so many groups, and we are appreciative of that.
There are many challenges in first nations communities, not the least of which is the ability to generate wealth and economic development activity in the communities so that they can develop the good governance required to take care of all the amenities.
In 2005 the passing of the Fiscal and Statistical Management Act was the beginning of an important move in Canada for aboriginal people. This act enjoyed full party support, and we're very grateful for it. I look at the act as a starting point for providing the tools that first nations communities need to access the market the way other governments do in this country. In the absence of these tools, first nations communities are reliant on federal funding. Their ability to improve their infrastructure and participate in the economy is very limited. In the changing world of today, first nations communities are in a position to generate different streams of revenue, and they are going to be looking for tools to leverage those funds, to take advantage of the opportunities to build greater infrastructure and capacity in their communities.
So with the passing of the act in 2005, our work started, and there's a lot that remains to be done. Our mandate is to assist first nations and aboriginal communities in this country, and we take that mandate seriously. We have assembled a good team to assist those communities in improving in their way of life. Our mandate is not for one specific group of communities. We look to serve all communities in this country, small and large, no matter where they're located.
This is an opportunity to access markets as other governments do. We see advantages for all communities, no matter where they are—especially the ability to access affordable capital at the same rates as anybody else in this country. In moving forward, we're trying to activate another critical part of the act that was passed in 2005. This would enable us to utilize other revenue streams in order to leverage funds for these communities. This will provide greater opportunities for first nations communities, and we look forward to that reality.
What needs to happen is straightforward. We need to assist communities that have other revenue streams. We need to see a speedy passage of the regulations contained in the act passed in 2005. These regulations would allow us to utilize other revenue streams and to leverage those funds. Our calculations suggest that these funds would leverage into a $3 billion capital fund that we could access to help those communities.
In these economically difficult times, we see that the ability to leverage these funds would reduce the pressures on the federal government to cash-finance projects. The pay-as-you-go method is not the best approach. We see that we can leverage funds so as to be able to build ten schools instead of one in a region, and this is very important.
We all woke up yesterday morning to find out that the economic situation in Canada is graver than we first thought. So we need to see these regulations passed so that we can move forward with this.
We also need to have the government put in place an economic stimulus leverage fund of $100 million that would allow us to go to the markets with a good credit rating—and certainly my colleague will talk about the importance of that—so that we can access those funds. We see this as an investment in Canada to essentially reduce the number of people who are at the door right now looking for capital projects that are desperately needed in their communities.
For this initiative, we've enjoyed support across Canada: the Atlantic provinces, the Six Nations, the Kahnawake, the B.C. Summit, Tsawwassen, Westbank, and the Yukon. I know that you've spoken previously both with Chief Mike Smith and with Chief Mark Wedge from Kwanlin Dun and Tagish. We too have spoken with them, and they certainly support this initiative to access these funds.
I'm going to close by saying that the importance of us putting this toolbox on their doorstep whenever they enter into impact benefit agreements or receive federal funds is that we have now a tool that all other governments have, not only in this country but across the world, whereby they can access and leverage their existing funds and use the market to get affordable capital to do the necessary work in their communities.
At this time, I'd like to turn it over to my colleague, Steve Berna, the chief operating officer for our First Nations Finance Authority.
Thank you.