Memorandum of Understanding between the Indigenous Land Corporation and Macquarie Bank

Category: Agreement
Date: 15 December 2005
Sub Category:Memorandum of Understanding
Location:Australia
Subject Matter:Collaboration / Partnership | Economic Development | Employment and Training | Land Management
Summary Information:
The Memorandum of Understanding between the Indigenous Land Corporation (ILC) and Macquarie Bank (the MOU) was signed on 15 December 2005. Under the agreement, both parties are to provide expertise and equity to facilitate economic development projects on Indigenous-held land. It is envisaged that the agreement will increase economic returns for Indigenous land.
Detailed Information:
Under the agreement, Macquarie Bank is to provide financial expertise and advice regarding infrastructure, resources, property and other issues. The ILC is to provide land-management expertise and introduce both the bank to Indigenous landowners and the project to Aboriginal land councils. Additionally, the ILC is to consider joint venture projects with the Bank on land that it owns. Indigenous landowners are to participate in decision-making and in the economic projects.

The MOU does not bind Indigenous communities or the ILC to enter into joint venture agreements with Macquarie Bank.

The agreement leaves open future possibilities for joint ventures in tourism and agriculture.

Related Entries

Organisation
  • Indigenous Land Corporation - Signatory
  • Macquarie Bank - Signatory

  • References

    Media Release
    (2005) ILC, Macquarie Bank Partnership to Benefit Indigenous Landowners
    Report
    ABC Message Stick Online (2005) Deal will Boost Aborigines' Wellbeing: Macquarie
    Resource
    ABC Online (2005) Concerns Over Macquarie Indigenous Deal
    Macquarie Bank (2006) About Macquarie Bank

    Glossary

    Memorandum of Understanding