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House Hansard - 134

44th Parl. 1st Sess.
November 24, 2022 10:00AM
Context: House Hansard - 134 - Nov/24/22
Mr. Terry Beech (Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance, Lib.)
  • Nov/24/22 5:40:36 p.m.
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Madam Speaker, the Canada Infrastructure Bank was established to ensure Canadians benefit from modern and sustainable infrastructure through partnerships with governments and the private sector. The bank helps public dollars go further by investing in revenue-generating infrastructure projects in the public interest and by developing innovative financial tools. With regard to the Lake Erie connector, which was the subject of much of my friend opposite's speech. It is our understanding from the bank that discussions on the Lake Erie connector project led by ITC Holdings were suspended at this time. The project itself was planned to improve the reliability and security of Ontario's energy grid and allow access to the largest electricity market in North America. The 117-kilometre underwater transmission line was projected to cost $1.7 billion, with the Infrastructure Bank contributing $655 million. No funding has been provided, but regular and minor administrative costs would have been incurred during the due diligence period. I hope that answers my friend opposite's question. While this project is not proceeding at this time, it is these kinds of ambitious projects that the Infrastructure Bank is pursuing across the country, literally transforming how infrastructure is planned, funded and delivered in Canada. To date, the bank has advanced over 40 signature projects, committing $8.3 billion in capital from the bank, while attracting $7.8 billion in private and institutional investment. The bank is connecting Canadians, creating good jobs and advancing complex and transformative projects. By focusing on key priority sectors, such as public transit, green infrastructure, broadband, clean power and trade and transportation, the bank is supporting a recovery that is greener, more resilient and more inclusive. It is doing all of this while empowering private partners to envision quality, high-value projects for Canadians, while reducing the financial burden on taxpayers. Budget 2022 reaffirmed the government's support for this innovative financing model, broadening the bank's vital role by including investment in private sector-led infrastructure projects that will accelerate Canada's transition to a low-carbon economy. The bank is also helping to close the indigenous infrastructure gap through its indigenous community infrastructure initiative, which provides low-cost and long-term debt financing for indigenous, community-based projects, including the first indigenous-owned and -operated railway in Canada. The Government of Canada, together with its partners, is building a better future for Canadians. The Canada Infrastructure Bank is playing a key role in that effort, delivering vital infrastructure to Canadians, while creating good-paying jobs and growing our economy. I look forward to working with my friend opposite so that we can identify and deliver more innovative and transformative infrastructure projects for Canadians.
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