NTI to begin review of Attuqtuarvik
During a board meeting in Cape Dorset this week, John Lamb, the CEO of Nunavut Tunngavik Inc., discussed the organization’s progress in completing a review of Attuqtuarvik Corp.
Attuqtuarvik is the investment arm of NTI, and was created to grant loans to Inuit businesses unable to get loans from banks.
But at NTI’s annual general meeting in Gjoa Haven this past November, several delegates complained that Attuqtuarvik was serving only the interests of Inuit development corporations, and not struggling individuals.
“It’s not performing the way it should be,” Lamb told the NTI board this week, “it is not providing funding at the lower end of the spectrum.”
At the Gjoa Haven meeting, the executive members of NTI passed a resolution calling for a review of Attuqtuarvik, to be carried out by an independent consulting firm.
Lamb said on Tuesday that NTI has developed “terms of reference,” or the criteria by which the investment arm will be reviewed.
After finance officials within NTI approve the terms of reference, the review will begin.