AFN draft seeks First Nations-controlled wealth fund

The Assembly of First Nations has drafted a position paper asking Prime Minister Mark Carney and the premiers to jointly develop a First Nations-controlled sovereign wealth fund, according to a copy obtained by APTN News.

The document, titled “Building Prosperity for All” and marked “Draft for Discussion,” was prepared for the First Nations-First Ministers’ Meeting scheduled for Oct. 26, APTN reported on Oct. 14. The AFN did not respond to APTN’s questions about the paper, and the details here are developing and have not been confirmed by the organization.

The fund would be financed in part by ongoing contributions from projects of national interest and would be open to every First Nation, whether or not a project is built nearby and whether or not the nation consents to one, APTN reported. No nation’s settlement money or own-source revenue would be used, and no nation would be required to take part.

Money would be reinvested rather than paid out right away. Each year, a set share of investment returns, but not the original capital, would go to First Nations infrastructure priorities, according to APTN’s account of the draft.

The paper reportedly offers two options: a dedicated First Nations component within the federal Canada Strong Fund, or a separate institution controlled by First Nations. APTN described the Canada Strong Fund as an arm’s-length Crown corporation seeded with $25 billion that currently has no First Nations component.

The draft also asks First Ministers to develop a National Benefits Sharing Framework that would set how money flows into the fund. It argues that impact-benefit agreements, loan guarantees and revenue-sharing deals follow project locations and leave out distant communities. “Canada’s major projects agenda distributes benefits and impacts unevenly by design,” the paper says, as quoted by APTN.

It adds that receiving a benefit from a national fund “would not cure an infringement, settle a disagreement or relieve the Crown of its duties.”

The paper calls the First Nations infrastructure gap the country’s largest unbuilt project. Work with Indigenous Services Canada put the cost of closing it by 2030 at $349.2 billion, APTN reported, and the figure now stands at $376.1 billion. The draft estimates the cost would reach $527 billion if action slips to 2040.

The proposal would complement existing models rather than replace them, the paper says, citing the Fisher River Cree Nation trust, the Ontario First Nations Sovereign Wealth Fund and the North Shore Mi’kmaq Tribal Council’s Nikutik LP. It does not set the size of the fund or a contribution rate from projects.

The draft also refers to AFN Resolutions 07/2026 and 08/2026, which oppose reforms that weaken environmental protections, shorten review timelines or bypass free, prior and informed consent. APTN reported that the paper states First Nations are not opposed to development.

The AFN has raised the Canada Strong Fund before. In an April 28 statement on the federal Spring Economic Update, National Chief Cindy Woodhouse Nepinak said, “Canada’s proposed path to building strong does not appear to involve First Nations.” She said First Nations must have “a clear path to economic benefits through any funded project” and must hold roles in the leadership and on the board of the fund’s Crown corporation.

The Prime Minister’s Office has not shared details about the Oct. 26 meeting, APTN reported, and neither Carney nor the premiers have commented on the proposal. In its own news, Canada News Media has reported that the meeting will bring First Nations chiefs together with Carney and the premiers. The Privy Council Office has said the meeting aims to advance nation-to-nation and government-to-government relations.

The talks come as chiefs press for consultation on the federal major projects push, including at a recent session where a major projects CEO heard B.C. chiefs on consultation. The House of Commons has also sent the First Nations Clean Water Act to committee.

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