June 18, 2015
News Release - New Public Transit Fund and P3 Funding A Game Changer
The Prime Minister's announcement of new government funding for transit puts Canada on the fast track. Projects over $1 billion will be eligible for funding from the Public Transit Fund and the Federal Government contribution will increase.
"The new Public Transit Fund is a game-changing announcement that will invest in world class public transit in our cities," stated Mark Romoff, President and CEO of The Canadian Council for Public-Private Partnerships.
The Public Transit Fund will allow provinces, territories and smaller communities to access more funds from the existing Building Canada Fund. In particular, the announcement to invest up to $2.6 billion in Toronto's Smart Track plan will free up money for other key projects across Ontario. The Federal Government is also increasing its portion of project funding under the P3 Canada Fund from 25% to 33%.
"Governments across the country have been calling for this change and today the Federal Government delivered. This will put more money in the hands of the provinces and territories as well as municipal and Aboriginal communities," added Romoff.
The Canadian Council for Public-Private Partnerships applauds today's announcement as a critical step to reducing congestion, increasing productivity, and improving the lives of Canadians living in our biggest cities. It also further promotes the use of Canada's proven P3 approach to infrastructure development.
About The Canadian Council for Public-Private Partnerships: Established in 1993, CCPPP is a national not-for-profit, non-partisan, member-based organization with broad representation from across the public and private sectors. Its mission is to promote innovative approaches to infrastructure development and service delivery through public-private partnerships with all levels of government. The Council is a proponent of evidence-based public policy in support of P3s, facilitates the adoption of international best practices, and educates stakeholders and the community on the economic and social benefits of public-private partnerships.