The federal government announced the Canada Infrastructure Bank (CIB) will spend $10 billion in new major infrastructure initiatives to create jobs and economic growth.
The Liberals say the investment plan is part of the government’s promise in last week’s throne speech to create one million jobs to rebuild from the COVID-19 pandemic.
“By investing in infrastructure, we are strengthening our communities and ensuring good jobs for today and in the future. We will continue to do what it takes to support Canadians through this crisis, safely get our economy back up and running, and get people back to work,” said Justin Trudeau, Prime Minister of Canada.
The CIB Growth Plan is expected to create approximately 60,000 jobs across the country over three years.
The Growth Plan will invest in five major initiatives:
- $2.5 billion for clean power to support renewable generation and storage and to transmit clean electricity between provinces, territories, and regions, including to northern and Indigenous communities.
- $2 billion to connect approximately 750,000 homes and small businesses to broadband in underserved communities, so Canadians can better participate in the digital economy.
- $2 billion to invest in large-scale building retrofits to increase energy efficiency and help make communities more sustainable.
- $1.5 billion for agriculture irrigation projects to help the agriculture sector enhance production, strengthen Canada’s food security, and expand export opportunities.
- $1.5 billion to accelerate the adoption of zero-emission buses and charging infrastructure so Canadians can have cleaner commutes.
To accelerate the delivery of projects in which the CIB intends to invest, it will also allocate $500 million for project development and early construction works.
“One of the defining features of the Canada Infrastructure Bank is attracting private investment to new infrastructure. Every dollar of public investment in these initiatives is intended to attract additional dollars from private and institutional investors. In that way, the CIB can have bigger impacts that benefit Canadians and Canada’s economy. We will be moving forward quickly to implement the $10 billion Growth Plan and deliver results,” said Michael Sabia, chair of the Canada Infrastructure Bank.
Through the Canada Infrastructure Bank, the federal government has committed $35 billion to support infrastructure projects across the country.