SoVote

Decentralized Democracy

House Hansard - 92

44th Parl. 1st Sess.
June 20, 2022 11:00AM
Context: House Hansard - 92 - Jun/20/22
Mr. Ken McDonald (Avalon, Lib.)
Mr. Speaker, after two years hampered by a global pandemic, Canadians are starting to rebuild. Communities large and small across the country are looking to a brighter, sustainable and inclusive future. The Government of Canada is committed to bolstering that rebuild. The Canada Infrastructure Bank is playing an important role in that effort. The bank's innovative approach is empowering the work by provinces, municipalities and indigenous communities to bring key projects to fruition. It is doing so, from planning to design to delivery, with the added benefit of a reduced reliance on public dollars. By leveraging the expertise and capital of private and institutional investors, the Canada Infrastructure Bank brings its investment, advisory and know-how to all orders of government, including indigenous investment partners. This is a partnership that is transforming how infrastructure is planned, funded and delivered to Canadians. That means bringing innovative financing tools to the table. It means getting more projects built. It means advancing Canada's demonstrated success in leveraging public-private partnership, or P3, models to bring better trade and transportation, public transit and green infrastructure to Canadians, and to further broadband connectivity, develop clean power and support indigenous projects. The G20 and OECD have for several years encouraged countries to promote more long-term private investment in infrastructure. Moreover, there are large pools of private and institutional capital available for investment, including our pension funds, that are looking to support long-term public policy priorities. The Canada Infrastructure Bank works to attract this capital to help address public policy objectives in the infrastructure space, particularly in projects that generate revenue, such as transit fares, electricity rates and other forms of revenues that support service delivery and provide the underpinning of the new innovative financing structures. These influential organizations are now looking to Canada as a global leader in advancing the P3 model and the next generation of innovative financing and partnerships with the private sector. Stakeholders are watching and learning as the Canada Infrastructure Bank moves to deliver on its important mandate. To date, the Canada Infrastructure Bank is actively involved in 33 projects, including the commitment of over $6.8 billion in capital, while attracting over $7.2 billion in private and institutional investment. This investment is making a real difference for projects such as rural broadband in Manitoba, zero-emission buses in communities across the country and energy retrofits in Quebec with the Société de financement et d’accompagnement en performance énergétique. The Canada Infrastructure Bank is also supporting the advancement of key projects such as high frequency rail, helping to find innovative ways to transition Atlantic Canada off coal through clean power transmission with the Atlantic Loop, and supporting Manitoba fibre's plan to provide broadband access to tens of thousands of additional households and businesses. Realizing these vital projects will mean connecting Canadians, creating good jobs and helping us to reach our climate goals as we navigate a path to net-zero emissions by 2050. To advance the government's commitment to close the indigenous infrastructure gap and support the prosperity of indigenous communities, the government has set a target for the Canada Infrastructure Bank to invest at least $1 billion in total across its five priority sectors for revenue-generating projects that benefit indigenous people. The Canada Infrastructure Bank has developed and implemented its indigenous community infrastructure initiative, which provides low-cost and long-term debt for indigenous community-based projects. This initiative is designed to bring results to indigenous communities through projects that can bring greater renewable, sustainable and reliable hydro power to Canada's north and projects that support connections, such as through the maintenance and modernization of Tshiuetin Rail Transportation, the first indigenous-owned and operated railway company in Canada. The Canada Infrastructure Bank is a key resource for driving Canada's recovery and a key partner to investors banking on Canada. Moreover, since its introduction in 2017, the Canada Infrastructure Bank has succeeded at adapting its role and priorities to respond to evolving circumstances and opportunities, enabling the bank to better support Canada's response to the pandemic and the transition to a low-carbon economy. The Canada Infrastructure Bank has done so under the stewardship of a board of directors that is skilled, bilingual and diverse, a board that benefits from indigenous representation, gender parity and representation from across Canada. Members of the board of directors are appointed through a transparent, merit-based and competitive process. The Canada Infrastructure Bank represents a crucial conduit for communities, provinces, territories and indigenous partners seeking to get things done for Canadians. It is making a difference by enabling a number of projects to be planned, financed and constructed. It is an innovative and effective way to spur investment in key projects, to build confidence in our economy after two years of unprecedented challenges and to work with Canadians to ensure a strong, inclusive recovery that works for everyone. It is a crucial resource to promote improved infrastructure, with a reduced need for public dollars, through collaborative efforts that leverage the expertise of each partner to meet clearly defined public needs through the appropriate allocation of resources, risks and rewards. For Canadians this is a win-win. It is an arm's-length Crown corporation working co-operatively with all levels of government and indigenous communities to facilitate and accelerate the delivery of high-quality infrastructure through new and innovative investment models. Also, through the Canada Infrastructure Bank's innovative financial tools, it is a means to reduce the burden on taxpayers and constrained government budgets, while expanding private sector investment and promoting innovation. It is working for investors, workers and communities. It is working for Canadians.
958 words
All Topics
  • Hear!
  • Rabble!
  • star_border