Māori economic development
The Provincial Growth Fund (PGF) has supported a range of Māori economic development projects in the regions. These include the development of land, regional projects led by Māori, business investments led by Māori and iwi, as well as skills and training projects.
In February 2019, the government announced that $100 million from the Provincial Growth Fund (PGF) would be allocated towards projects which supported the development of Māori-owned land.
In the past, access to capital funding has been a challenge for Māori landowners. This is because the special status of their land means commercial banks are less willing to lend to them.
The government was in a unique position to help these landowners to progress projects.
The PGF has supported Māori to drive economic growth, create employment opportunities and empower entire communities to make a difference.
PGF investment in Whenua Māori projects focused on:
- addressing the largest barrier for Māori landowners who wanted to move beyond the pre-commercial phase by providing access to financial capital
- making it easier for Māori landowners to stimulate investment-ready applications that help lift the productivity of their land
- identifying actions which would unlock Māori economic potential and advance growth in the regions.
Māori and Pasifika business investments
The Provincial Growth Fund (PGF) has identified sectors that are central to the recovery of New Zealand’s economy in the ongoing COVID-19 environment.
One of the sectors to receive funding was Māori and Pasifika businesses to help scale up their operations, create employment opportunities and deliver visible economic activity.
The primary focus of these investments was construction, infrastructure, primary industries and Whenua Māori sectors.