PRIME Minister Justin Trudeau on Thursday announced $10 billion in new major infrastructure initiatives to create jobs and economic growth. The Canada Infrastructure Bank’s (CIB) Growth Plan will help Canadians get back to work and is expected to create approximately 60,000 jobs across the country. The three-year plan will connect more households and small businesses to high-speed Internet, strengthen Canadian agriculture, and help build a low-carbon economy.
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.
The announcement is part of the government’s campaign to create over one million jobs to rebuild from the pandemic, and its more than $180 billion commitment to invest in new infrastructure across Canada. The government will continue to focus on making investments to strengthen the middle class, create new jobs, and grow the economy, as Canadians work together to fight COVID-19 and build a more resilient Canada.
Trudeau said: “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.”
Michael Sabia, Chair of the Canada Infrastructure Bank, said: “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.”
- Through the Canada Infrastructure Bank, the federal government has committed $35 billion to support infrastructure projects across the country. This includes the Bank’s $10 billion Growth Plan announced on Thursday.
- The CIB was announced as part of the Government of Canada’s historic, over $180 billion Investing in Canada Plan. It was created to work in partnership with provincial, territorial, municipal, and Indigenous partners, and leverage the private sector, to build infrastructure across Canada.
- The CIB attracts private sector and institutional investment to build sustainable infrastructure projects that are in the public interest.