Indigenous communities at the heart of economic growth: AIOC’s mission to build a prosperous future
Photo courtesy Alberta Indigenous Opportunties Corporation
Alberta Indigenous Opportunities Corporation (AIOC) is celebrating a milestone five years of driving transformative economic change, a journey that exemplifies the critical role Indigenous communities play in fostering inclusive growth. Chana Martineau, CEO of AIOC, shared insights into their work during an interview, emphasizing how empowering Indigenous nations can redefine Canada’s economic landscape.
For most, the path to economic growth is straightforward: you buy a home, secure a mortgage, or take out a loan to grow a business. These tools allow people to invest in their futures, build equity, and pass on financial security to the next generation. But for many Indigenous communities, the inability to hold land or assets as collateral means these doors remain firmly closed. This systemic barrier stifles investment opportunities in infrastructure, businesses, or large-scale projects that could generate real economic returns.
For decades, Indigenous communities in Canada have been caught in a cycle of economic limitation, held back by restrictions rooted in the Indian Act. Unlike other Canadians who can build wealth by leveraging property or business assets as collateral for loans, Indigenous people often find themselves shut out of these opportunities.
Chana Martineau, CEO of Alberta’s Indigenous Opportunities Corporation (AIOC), is shaking things up. For the last five years, AIOC’s innovative loan guarantee model for First Nations and Métis communities to invest in large-scale infrastructure projects has generated economic opportunities and growth in returns not previously possible.
“Accessing capital has been difficult, so when corporations are looking to partner with their Indigenous neighbours, they are not sure that they will be able to access the capital, and so now they know that there's some certainty and in financial markets that certainty is everything,” Martineau says. “They know now that their business partners can come to the table with real investment capital, and it allows everyone to move forward on projects together.”
In this way, Indigenous communities and business groups “can actually come together and be true partners in a way that Indigenous people haven't had the opportunity to before.”
By eliminating uncertainties around financing, AIOC fosters meaningful collaborations between Indigenous groups and corporate partners, paving the way for shared growth and driving economic prosperity.
Since its inception as an Alberta crown corporation, AIOC has supported 43 First Nations and Métis groups across eight projects, impacting over 60,000 people and deploying $720 million of its now $3 billion loan guarantee mandate. Projects like the $1.12 billion investment in the Enbridge Athabasca Trunkline exemplify how Indigenous-led initiatives can attract national and international attention, Martineau says.
“It's been incredible. People are so supportive. Everyone wants to hear more,” she says. “Our legacy colonial issues are similar to ones that are experienced globally. Australia, Japan, the UK, Mexico — everyone is looking at what we're doing and seeing it as a model to move forward and so it has just been so powerful. You know, five years ago, we were just a small, growing idea with a dream, and now, it has just become this incredible force.”
“Our legacy colonial issues are similar to ones that are experienced globally. Australia, Japan, the UK, Mexico — everyone is looking at what we're doing and seeing it as a model to move forward and so it has just been so powerful. You know, five years ago, we were just a small, growing idea with a dream, and now, it has just become this incredible force.”
- Chana Martineau, CEO, Alberta Indigenous Opportunities Corporation (AIOC)
AIOC’s efforts extend beyond infrastructure. By enabling Indigenous communities to reinvest in their regions, rural economies and local communities are strengthened. For instance, Whitefish Lake First Nation used investment proceeds to build an arena, generating local jobs, contracting opportunities, and community well-being. The spin-off benefits are enormous, Martineau says.
“It's not just the nation that will benefit from having that arena, having that centre, that heart for the community,” she says. “We all know, just taking that example a little bit further, what healthy sport means to youth, and so when you have healthier youth participating in sport, close to home, and you have more jobs that just drive economic benefit and prosperity to all of the regions and making the entire area stronger and better.”
Replicating this on a national level means even better outcomes, she says.
“When you multiply that over from east to west, we can make our entire country stronger by driving economic activity into First Nations and Métis settlements where there hasn't been that economic strength before,” she says, adding that healthy people means healthy communities and people working and generating all the benefits of a more productive and prosperous economy for all Canadians.
“I think that is something that we are woefully lacking unfortunately. The Coalition’s own report has many specifics on this, and so it's really important that we make strides on these Indigenous loan guarantee programs.”
As a Coalition member, Martineau says she sees alignment between the two organizations. “The Coalition offers an opportunity to collaborate with like-minded organizations. It will help us amplify our voice. It will help us understand the other members better, and we need to be united to solve these problems,” she says.
When it comes to economic growth, Martineau says it means focusing on Indigenous participation in the economy. “Canada is a great country, and we have grown in recent years. I think it is time for us to shine yet again,” she says. “Growth and opportunities — it means healthy communities, it means participation for everyone and inclusion. You're growing, you're shrinking — we need to have the focus on growth and having fully prosperous Indigenous communities participating in the economy will help us get there.”
“Growth and opportunities — it means healthy communities, it means participation for everyone and inclusion. You’re growing, you’re shrinking — we need to have the focus on growth and having fully prosperous Indigenous communities participating in the economy will help us get there.”
At the federal level, Budget 2024 proposed to provide Natural Resources Canada with $16.5 million over two years, starting in 2024-25, including support for Indigenous groups and applicants and the delivery of the Indigenous Loan Guarantee Program by the Canada Development Investment Corporation.
Martineau says she is excited to see the national program get off the ground and has been working with NRCan and CDEV to launch it. She says this is an opportunity to partner with the federal government on cross-jurisdictional projects.
“When you think about big infrastructure projects, they don't stop for provincial borders typically and so, it's a really exciting time to be able to work together and bring this dream to life,” she says. “It's a great thing, I think, for our country, for our province and the other jurisdictions. Many provinces aren't at the same level as Alberta or they're just thinking about launching programs, so the federal government program can be a backstop for them and for us. It's really an opportunity to partner on large projects.”
Through innovation, collaboration, and a relentless focus on outcomes, AIOC is proving that when Indigenous communities thrive, so does the entire nation. Because of this, Martineau’s message to governments is “to be relentlessly focused on the outcome.”
She says governments often layer too many policy objectives on top of each other, making it difficult to achieve the intended outcomes or success. AIOC’s success comes from being “laser-focused” on Indigenous economic reconciliation.
“You get more sustainable outcomes, you get a greener, more forward-looking energy investment when you have Indigenous people at the table. But if you layer too many components into a particular policy or a program, it becomes so difficult to achieve the outcome that nothing happens,” she says, adding that one-size-fits-all programs are not effective.
“I firmly believe that we are changing the way that Indigenous people interact with the rest of our country. There is an opportunity for inclusion like never before, and I’m proud that AIOC is helping to lead the way.”
“You get more sustainable outcomes, you get a greener, more forward-looking energy investment when you have Indigenous people at the table. But if you layer too many components into a particular policy or a program, it becomes so difficult to achieve the outcome that nothing happens”
While the journey has not been without challenges, Martineau likens AIOC’s work to an icebreaker, forging pathways for others to follow. As the corporation’s mandate expands into sectors like tourism, it continues to adapt, learning new models to sustain Alberta’s growth.
Last year, the Alberta government expanded AIOC’s mandate from $1-billion to $3-billion. Martineau says it’s a “giant vote of confidence” and that this model is here to stay.
Looking ahead, Martineau envisions a future where Indigenous communities fully participate in every sector of Alberta’s economy. “The government is helping to bring us in and to create big growth opportunities for the province. Our dream is to have all of the different Indigenous communities in Alberta participate in investing in large-scale projects — fully participating in the economy, supported by AIOC on loan guarantees. That's the dream,” she says. “We've accomplished a lot in our first five years, and I'm excited to see what happens next.”
Photo courtesy Alberta Indigenous Opportunties Corporation
