AFN Proposes First Nations-Controlled Sovereign Wealth Fund to Bridge Infrastructure Gap

OTTAWA — The Assembly of First Nations (AFN) has prepared a landmark draft position paper calling for the creation of a new First Nations-controlled sovereign wealth fund. The proposal, titled Building Prosperity for All and obtained by APTN News, seeks to ensure that Indigenous communities across Canada benefit from major projects of national interest, regardless of their proximity to the development sites. National Chief Cindy Woodhouse Nepinak is expected to present the proposal during the upcoming First Nations-First Ministers Meeting (FNFMM) on 26 October. The document asks Prime Minister Mark Carney and provincial premiers to jointly develop a National Benefits Sharing Framework. Under the plan, a share of investment returns from the fund would be directed toward closing the First Nations infrastructure gap, which is currently estimated at $376.1 billion. The AFN argues that current arrangements, such as impact-benefit agreements and loan guarantees, often leave out communities located far from project sites. By creating a national fund, the AFN aims to establish a more equitable distribution of wealth. The paper emphasizes that receiving benefits from the fund would not settle legal disagreements or relieve the Crown of its duties toward Indigenous nations. Participation would be voluntary, allowing nations to maintain their own regional funds or opt out entirely. Models for this initiative already exist at the regional level, including the Fisher River Cree Nation’s trust and the Ontario First Nations Sovereign Wealth Fund. The AFN’s national proposal is designed to sit alongside these existing institutions to bolster economic reconciliation. According to the brief, the framework intends to protect Indigenous consent and ownership while recognizing the closing of the infrastructure gap as a critical nation-building priority for Canada.