Federal government announces $10 billion in infrastructure funding

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Prime Minister Trudeau alongside Minister McKenna and Chair of the Canada Infrastructure Bank Michael Sabia announced this morning a $10 billion investment in infrastructure projects that will create 60,000 jobs across the country. Infrastructure funding will be distributed through the Canada Infrastructure Bank and will be part of a three-year growth plan.

The infrastructure funding will cover a variety of different project types. This includes clean energy, broadband and irrigation for the agriculture industry. The Government feels that this will be a part of smart and targeted investments that will assist in providing jobs and opportunities across Canada.

Minister McKenna explained that there are a number of large opportunities for Canada to advance in different areas, mainly clean energy. These opportunities can range from retrofitting homes and facilities to getting rural communities off diesel energy. The Minister also referenced the $3.5 billion that has been promised through the COVID-19 Resiliency Stream, with a bigger federal share, allowing local governments to invest in their communities and continue to serve citizens.

Michael Sabia explained that the Infrastructure Bank will prioritize projects that meet three overarching tasks:

  1. Projects that provide a positive impact (ideally projects of scale)
  2. Projects that have value. Ones where the Bank can open markets or act as a catalyst to bring in third parties to maximize every dollar of taxpayer investment.
  3. And projects that will provide a return to the Bank, allowing for continued reinvestment in the Canadian economy.

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