Mr. Speaker, I want first to recognize that we are gathered on the traditional unceded territory of the Algonquin Anishinabe people.
I would like to acknowledge the valuable work the Standing Committee on Indigenous and Northern Affairs has carried out by examining the infrastructure deficit confronting many indigenous communities. The report prepared by the committee, titled “A Path to Growth: Investing in the North”, provides important insights into the challenges facing infrastructure development and maintenance in the north and helpfully recommends potential solutions for them. The report will help to inform policy and program decisions going forward. Common themes from the report are core to how we are proactively addressing challenges in partnership with indigenous peoples. Following their lead, we are working to remove systemic barriers to economic development and to advance indigenous economic self-determination.
However, before outlining some of the many ways we are making progress, I must respond to misleading statements being made in today's debate and set the record straight. As members of government have repeatedly made clear, Global Health Imports was never listed on the indigenous business directory. Consequently, the company has not ever been part of the government's procurement program for indigenous businesses, nor was it awarded any contracts through the procurement strategy for indigenous businesses.
Instead, I want to bring the focus back to tangible activities that are producing real results in the lives and for the livelihoods of indigenous peoples. Together with indigenous leaders, indigenous business and the broader sector, we are working to advance economic reconciliation. On this note, this past year Indigenous Services Canada convened two economic reconciliation round tables, which were attended by leaders from national indigenous organizations and national indigenous economic institutions, senior executives from Canada's financial sector, federal ministers, and senior federal officials. Indigenous peoples are leading the way to advance economic reconciliation, and what this level of engagement at the round tables demonstrates is that economic reconciliation is not a conversation limited to government. There are also commitments and buy-in from the financial sector to advance common goals.
By supporting self-determined economic priorities and collaborating with leading economic thinkers across Canada, we will continue to drive toward concrete actions and concrete solutions that will make a difference in the everyday lives of first nations, Inuit and Métis people.
The round tables have advanced a common understanding of how public and private sector actions can help to remove access to capital barriers. Participants brought forward ideas for how greater access to risk capital could help to finance infrastructure gaps, while also exploring ways the financial sector can continue to adapt and develop expertise to best serve indigenous communities in navigating complex land and financing questions. It is clear that relevant and topical data on indigenous economies is essential to supporting community-level investment decisions.
We are looking at opportunities for collaboration between indigenous institutions and financial and statistical experts to address data gaps through the publishing of indigenous economic outlooks. Partners are challenging us to reimagine how to develop these outlooks with opportunities to blend traditional economic indicators with qualitative data and narrative storytelling. A common theme across these conversations is the leading roles indigenous peoples must play in defining the challenges and solutions that will support their economic priorities. There are many opportunities to support exciting indigenous visions.
This is not the only way we are advancing economic reconciliation. Various economic development programs have been designed to support improved economic outcomes. For example, the aboriginal entrepreneurship program, the AEP, provides access to capital and access to business opportunities to indigenous entrepreneurs and business owners in Canada. This program seeks to increase the number of viable businesses in Canada that are owned and controlled by indigenous people, and it funds a broad range of entrepreneurial pursuits. It also aims to build capacity, reduce barriers and increase access to capital by forging partnerships that will increase economic opportunities for first nations, Inuit and Métis people.
Over the past 35 years, the program has distributed roughly 52,000 business loans worth $3.2 billion through its access to capital stream. These loans, I might add, have a repayment rate of over 95%. Consider that for every $1 million lent by indigenous financial institutions through the access to capital stream, $3.6 million is produced in total gross domestic product for Canada. That is an impressive return on investment.
Most beneficial is that an evaluation of the indigenous entrepreneurship and business development program over the period 2015-16 to 2020-21 found it is advancing indigenous self-determination by removing barriers to business capital and supports. Equally important is that it is sustaining the network of indigenous lending institutions, creating and expanding indigenous businesses and creating or maintaining jobs through lending.
That is not the only example of economic reconciliation in action. The aboriginal entrepreneurship program, which I just talked about, is actually led by and delivered through the National Aboriginal Capital Corporations Association, or NACCA, and the Métis capital corporations. It is highly significant that a program put in place to enable first nations, Inuit and Métis business owners to launch or grow their businesses is also led by strong indigenous leaders.
The National Aboriginal Capital Corporations Association and the Métis capital corporations administer about $25 million per year of equity capital, provided by the Government of Canada, to enable indigenous entrepreneurs to obtain affordable commercial loans. This indigenous-led program shows what success looks like when indigenous peoples are supported and empowered to independently deliver services.
The aboriginal entrepreneurship program also supports the $150-million indigenous growth fund. This indigenous-led and -designed fund is providing indigenous businesses with a fully independent source of capital.
The procurement strategy for indigenous businesses I mentioned earlier is another initiative producing positive economic results for indigenous people. It facilitates access to federal procurement opportunities so that indigenous businesses can win contracts, generate revenue and gain experience that, in turn, can assist them in winning larger future contracts within both the public and private sectors. What we have heard from indigenous leaders is that they want the procurement strategy for indigenous businesses to stay. It continues to evolve and adapt to changing needs and fiscal realities, in large part because we are listening to indigenous leaders and businesses.
The resulting feedback from procurement round tables held with indigenous leaders since 2018 led directly to improvements to the strategy, which is why our relationships with indigenous partners are so important. Our programs, policies and services must apply indigenous insights, lessons learned and expertise, and that is exactly what we are doing.
These efforts have accelerated since 2021, when we began to co-develop a transformative indigenous procurement strategy with indigenous partners. The five-year process is currently under way, and these reforms will improve existing indigenous procurement policies and programs. Furthermore, they will help ensure benefits intended for indigenous peoples go to indigenous peoples.
An important part of this collaborative work includes determining a path forward to transferring the administration of the indigenous business directory to indigenous partners. One key message delivered by partners in our co-development discussions is that first nations, Inuit and Métis are best positioned to define and verify indigenous businesses.
Indigenous Services Canada is committed to working with partners, including the Assembly of First Nations, the Métis National Council, Inuit Tapiriit Kanatami, the National Aboriginal Capital Corporations Association and the Canadian Council for Indigenous Business to transfer the verification of indigenous businesses to indigenous partners.
We know economic opportunities for indigenous businesses were removed or blocked through years of colonial policies and practices. The concrete actions taken by the Government of Canada, in co-operation and partnership with indigenous leaders and businesses, must continue. We need the valuable insights and expertise of first nations, Métis and Inuit leaders. We need continued opportunities for meaningful dialogue, and we need reports like “A Path to Growth: Investing in the North” that shine a light on the work ahead.
It is economic reconciliation in action when we collaborate on efforts to support and empower indigenous people to fully and equitably participate, whether as small business owners or leaders of major projects in the economy.