The "Nunavut Land Claims Agreement" was ratified by the Inuit in November 1992, signed by the Prime Minister of Canada on May 25, 1993, and passed by the Canadian Parliament in June of the same year. It was the largest native land claim settlement in Canadian history. It gave the Inuit title over 350,000 square kilometres of land. It also gave the Inuit capital transfers from the federal government of over $1.1 billion over the next 14 years. This money will be held in trust with the interest to be used in a variety of different projects, including financing for regional businesses and scholarships for students. The Inuit also gained a share of resource royalties, hunting rights and a greater role in managing the land and protecting the environment. The land claims agreement also committed the Government of Canada to recommend to Parliament legislation to create a new territory in the eastern part of the Northwest Territories.