First Nations Sovereign Wealth Fund talks launch after first summit in 20 years

Talks toward a First Nations Sovereign Wealth Fund formally launched at a meeting the Prime Minister’s Office calls the first of its kind in two decades: on Monday, October 26 in Ottawa, nearly 200 First Nations Chiefs and leaders sat down with Prime Minister Mark Carney and the provincial and territorial premiers. Carney himself called it “sobering” that first ministers and First Nations leaders had not met together in over 20 years, per coverage of the summit.

The headline idea: new revenue-sharing mechanisms, “including the potential creation of a new First Nations Sovereign Wealth Fund” – meant to give First Nations a direct stake in major projects. It remains a concept: no dollar amount, no structure and no timeline have been set. Carney directed the Finance Minister to work with First Nations leaders on how the fund would be established, and the Assembly of First Nations’ National Chief welcomed the commitments from what the AFN called a “historic” meeting.

What else came out of the meeting

Per the PMO release: a planned amendment to the First Nations Fiscal Management Act to expand the First Nations Finance Authority’s lending authority; a new $260-million Partnerships for Indigenous Workforce Readiness Fund over four years, with an Indigenous-focused stream of the $8-billion Team Canada Strong trades initiative in the works; more than $2.5 billion over five years for emergency management and wildfire firefighting; and over $630 million over four years to renew and expand the First Nations and Inuit Policing Program. Discussions also opened on reforming or abolishing the Indian Act, with ministers directed to develop a path forward with First Nations.

The summit followed through on a commitment Carney made at the AFN Special Chiefs Assembly in December 2025 to convene the two tables together in 2026. Not everyone was in the room: Quebec Premier Paul St-Pierre Plamondon skipped the meeting, citing a tight schedule – a decision Indigenous leaders criticized, per CityNews Montreal.

Sources: Prime Minister of Canada news release and CityNews Montreal.