The Métis Nation of Ontario (MNO) has established an economic development fund with $30 million committed over 10 years from the province.
The creation of the Métis Voyageur Development Fund is the result of years of effort and work by the MNO to create an economic development arm that will be able to support Métis entrepreneurs and businesses in Ontario, similar to other successful funds and capital corporations operated by Métis in Western Canada.
The provincial government commitment flows from discussions held under the MNO-Ontario Framework Agreement which was signed in November, 2008. In addition, as a part of the Memorandum of Understanding that was signed recently, the MNO and the Ontario government have committed to work together to attempt to secure additional contributions to the fund from the federal government.
The fund, which has been set up as an arms-length, for-profit corporation, will be professionally managed by an independent board of directors selected based on skill and expertise in business. An interim board has been appointed. The current fiscal year is a developmental one and it is anticipated that funding will not begin to flow from the fund until 2012. In addition, over the next few months, a province-wide call for additional directors to the fund will be undertaken.
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