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Secrétariat aux affaires autochtones

Creation of Nunavik Support Fund

$3M in venture capital for Nunavik region businesses

Kuujjuarapik, June 27, 2006—Minister for Native Affairs Mr. Geoffrey Kelley, on behalf of the Minister of Economic Development, Innovation and Export Trade Mr. Raymond Bachand, announced the creation of a Regional Economic Intervention Fund (FIER) for Nunavik—the Nunavik Support Fund.

“Thanks to these new venture capital funds, $3M will be made available to businesses to support the development of dynamic and growing economic sectors,” said Mr. Kelley. The Fund will therefore foster the emergence, development and growth of businesses in mining, tourism, energy and transportation sectors.

One third of the total funding of this new fund comes from the community. It was launched under the aegis of the Kativik Regional Government (KRG) and the Nunavik Investment Corporation, which are the principal investors. The fund management was assigned to Nunavik Support Fund Management Inc.

“This is excellent news for our region since the Nunavik Support Fund provides local businesses the venture capital needed to start up and develop. Our region will therefore be able to develop its full potential and foster the creation of wealth in Nunavik,” added Maggie Emudluk, President, Kativik Regional Government.

The FIERs comprise an original public-private funding formula that makes it possible to generate significant spin-offs. The Support Fund is one of the components. The government promises to contribute two dollars for each dollar invested by the community to the regional investment funds. The FIERs give businesses access to a source of capital (equity or quasi-equity) during the start-up and development phases.

IQ-FIER, a subsidiary of Investissement Québec, plays an essential role in setting up and administering the FIERs. It is mandated to accredit each fund by emphasizing governance and management mechanisms. IQ-FIER will also coordinate accountability for these organizations.

Mr. Kelley thanked the partners that made the success of this project possible and concluded by saying, “The creation of this Fund gives Nunavik significant additional leverage for economic development, thereby promoting the start-up and development of businesses in 14 northern villages and the wealth of the Inuit nation.”

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Secrétariat aux affaires autochtones
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Online as of : June 27, 2006