The Bank of New Zealand says it has launched a new $50 million funding facility to help iwi and hapu through the Treaty of Waitangi claim process.
The bank's facility will provide iwi with the money to help bridge funding shortfalls to support them to complete their treaty claims.
The funding, along with advice from BNZ's Maori business team, is expected to help unlock an estimated $1.5 billion worth of existing treaty claims, the head of bank's Maori business team, Pierre Tohe, said in a statement.
"Approximately half of iwi have received a Treaty of Waitangi settlement, but for the remaining 60 plus claimants, there is a need for funding assistance and good financial advice to help get them through the settlement process, as well as advice on the best way to manage those funds and assets for the long term," Tohe said in a statement.
With the time between mandate and final settlement, which can take between three and seven years, many iwi can't afford the ongoing costs of the process, meaning many settlements are delayed or deferred, he said.
