April 18, 2017
The Canada Infrastructure Bank – Enabling Transformational Infrastructure
CCPPP Newsletter Special Edition: A message from Infrastructure and Communities Minister Amarjeet Sohi on the Canada Infrastructure Bank
The Government of Canada is making historic investments in infrastructure across Canada that will help create well-paying jobs and grow the middle class now while building a strong foundation for a sustainable economic future. As one part of our broader 12 year $186 billion Investing in Canada plan, the government has proposed to establish the Canada Infrastructure Bank.
The Bank would use federal support to attract private sector and institutional investment to new revenue-generating infrastructure projects that are in the public interest. By bringing these new investors to the table, federal, provincial, territorial, municipal and Indigenous partners can choose to build more of the transformational infrastructure projects that Canadian communities need.
On April 11, 2017, the Government tabled legislation before Parliament that would establish the Canada Infrastructure Bank as an arm’s length Crown corporation that would be led by a Chief Executive Officer and governed by a Board of Directors. The proposed legislation sets out the Bank’s mandate and functions, its governance structure, and its accountability to Parliament.
Canada is a world leader in the use of public-private partnerships to build new infrastructure. This leadership will continue. The government’s partners would have many options available to them for the delivery and procurement of Bank-supported infrastructure projects, including public-private partnership structures. In this regard, the Bank would work in partnership with procurement agencies and departments from other orders of government.
While each project that the Bank supports could be different, the objective would be the same—to use federal support to “crowd-in” private capital to build more infrastructure in communities across Canada. This would open up more opportunities for public-private partnership delivery and procurement models.
The Bank will support investments in public transit, trade and transportation, green infrastructure and other sectors, helping public dollars go further by enabling investment in projects from which revenue can be generated. This would allow the government to focus the traditional funding streams towards those projects that require full public funding.
The government wants Canadian communities to be competitive, inclusive, and at their very best, and that’s why the Investing in Canada plan is focused on making strategic investments and finding innovative solutions to meet Canada’s pressing infrastructure needs. The Canada Infrastructure Bank provides an innovative new way for our partners to build the infrastructure that Canadian communities need. We look forward to working with our partners like CCPPP to deliver on this ambitious agenda.