Hon. Yonah Martin (Deputy Leader of the Opposition): Honourable senators, my question for the government leader also concerns the Canada Infrastructure Bank.

In April of 2021, the Parliamentary Budget Officer, PBO, released his most recent report on the Canada Infrastructure Bank. The PBO’s analysis concluded that the Canada Infrastructure Bank was losing money, unlikely to deliver on its mandate and would miss its own infrastructure spending targets by over 50%. Yet the Canada Infrastructure Bank is very good at spending taxpayer dollars on bonuses, as Senator Plett has just mentioned.

Senator Gold, does your government disagree with the findings of the independent Parliamentary Budget Officer?

Senator Martin: When announcing the creation of the Canada Infrastructure Bank, the Trudeau government claimed it would attract four to five dollars in private capital for every tax dollar invested. In the five years of the Canada Infrastructure Bank’s existence, this has never occurred or even come close. The Canada Infrastructure Bank’s website currently shows that of $19.4 billion invested so far, about $7.2 billion is from private and institutional investors, and the rest appears to come from different levels of government — in other words, taxpayers.

In February, Minister LeBlanc acknowledged before a House committee that he was not satisfied with the Canada Infrastructure Bank’s ability to raise funds from private investors. Isn’t that grounds for scrapping the Canada Infrastructure Bank, leader?