SoVote

Context: House Hansard - 134 - Nov/24/22

Hon. Ahmed Hussen (Minister of Housing and Diversity and Inclusion, Lib.)

Nov/24/22 3:13:25 p.m.
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Mr. Speaker, I want to thank the hon. member for his strong advocacy on this issue. Since coming into office, we have had historic investments to create and repair over 440,000 homes across the country. We are not stopping there. Earlier this month, I launched the third round of the rapid housing initiative, which will ensure an additional 4,500 deeply affordable homes for the most vulnerable across the country. We believe, on this side of the House, that housing is a human right, and we will not rest until each and every Canadian has access to a safe and affordable place to call home.

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Context: House Hansard - 134 - Nov/24/22

Ms. Leslyn Lewis (Haldimand—Norfolk, CPC)

Nov/24/22 5:36:28 p.m.
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Madam Speaker, I am here tonight to ask the government for transparency on one of its signature policies, the Canada Infrastructure Bank. The bank was celebrated with much fanfare by the government in 2016. The Liberals claimed that every dollar invested would yield a return of four private-sector dollars. They even anticipated that with investments from the municipalities and provinces, it would yield a multiplier effect of 11 to one, but that was six years ago and that has not happened. Now what we see is, sadly, a version of corporate welfare, with the taxpayer subsidizing industry projects that they can fund themselves. The Infrastructure Bank has failed by almost every standard. Not only has it failed to deliver the private-sector investments it promised, but it has never even completed one project. Now we find that a $1.7-billion partnership with Fortis Inc., a North American utilities company that rakes in billions of dollars in revenue every year, has also failed. The bank promised $655 million to the U.S.-based ITC Holdings, which is a subsidiary of Fortis, for the Lake Eerie connector project. The cancelled project was going to be a 117 kilometre-long underwater power cable under Lake Eerie. It would also have brought in $33 million to the Six Nations reserve. In fact, this line would have run between Pennsylvania and Haldimand County, which is the community I represent. When the agreement was first announced one and a half years ago, the government gushed about how it would deliver tons of low-carbon energy, billions in GDP and hundreds of Canadian jobs. Now that the project has flatlined, the government needs to answer for the millions it committed. It is completely unacceptable that at a time when Canadians are struggling to put food on the table, the government cannot account for $655 million that it loaned to a multi-billion dollar corporation. It is a project that, ironically, according to the media reports, failed due to inflation caused by the Liberals. What is worse is that there has been no transparency. It is a statutory requirement that this bank operates with transparency and reports to the public. We know only from local media reports that the project was cancelled back in July. To this day there is still no information on the bank's website or on government websites about the real status of the project. Where did the money go? Is the money still in the Infrastructure Bank? Is it with Fortis, the company? Is the money gone? We just do not know. In fact, the bank's corporate plan was tabled in this very House and still lists the deal as an active project. It says that final due diligence is still in progress. This is misinformation. To have the—

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Context: House Hansard - 134 - Nov/24/22

Mr. Terry Beech

Nov/24/22 5:44:26 p.m.
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Madam Speaker, the Canada Infrastructure Bank is making significant progress in advancing its goals of attracting private and institutional investments to projects, while using innovative financing tools to get more infrastructure built for Canadians. To date, the bank has advanced over 40 signature projects, committing $8.3 billion in capital, while attracting $7.8 billion in private and institutional investment. The bank is working with all orders of government to deliver more infrastructure for Canadians, while reducing the overall financial burden on taxpayers. We are helping to expand Canada's economy while meeting our net-zero emission goals through investments in zero-emission buses, energy-efficient building retrofits and clean power transmission, generation and storage. We are doing this alongside our public, private and indigenous partners.

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