The Canadian government announced the establishment of this fund on Friday.
The goal of the fund is to enhance the capacity of the National Aboriginal Achievement Foundation to provide post-secondary scholarships to aboriginal students, said Sheila Copps, minister of Canadian Heritage during a telephone conference from Hamilton, Ontario.
The foundation currently provides $2 million a year in scholarships to about 600 students.
The fund will provide an extra $500,000 a year to be distributed across the country.
The scholarship money is awarded on a case by case basis.
"Any aboriginal person is eligible.
"There is no age restriction and there is no particular sum of money attributed to a particular region," said John Kim Bell, founder and president of the NAAF.