Every year, the KRG makes direct contributions and loans to businesses and socio-economic enterprises. Much of this business development funding is drawn from the Makigiarutiit Fund. The Makigiarutiit Fund was created in 1999 to stimulate private enterprise and its first phase was in effect until 2003. The Fund’s second phase was established at the Katimajiit Conference in 2007 as part of the Economic and Community Development Agreement. In 2014, as all the funding available under phases I and II had been used, an investment policy was approved by the KRG Council for the revenue generated by the reimbursement of loans under phases I and II. In the spirit of the first and second phases, the investment policy targets support to economic development, local employment and community development projects.
The third phase of the Makigiarutiit Fund was created in 2013 further to the signing by the Québec government and the KRG of the Special Agreement establishing the Terms of Application of the Aboriginal Initiatives Fund II in Nunavik. Based on an investment policy, loans, loan guarantees, financial contributions and investments in preferred shares are offered for business and social economy enterprise infrastructure, business expansion and regional projects.