Question Period Note: CIB MANDATE, GROWTH PLAN AND PROGRESS

How is the Canada Infrastructure Bank delivering value for Canadians, and what progress has been made so far?

• The Canada Infrastructure Bank (CIB) is working with all orders of government to deliver more infrastructure for Canadians by attracting private-sector investment and innovation to projects to reduce the overall burden on taxpayers.
  • The CIB is helping to grow Canada’s economy and accelerate the transition to the low carbon economy by investing in projects like zero-emission buses, energy efficient building retrofits and clean power transmission, generation and storage with public, private and Indigenous partners.
  • The CIB’s $6.3 billion of investments in major projects across the country like the Oneida energy storage with Six Nations of the Grand River, the British Columbia zero emission school buses, and work on the Atlantic Loop showcase the progress made and impact of the Bank on advancing the Government’s infrastructure plan.

• The Canada Infrastructure Bank Act requires that the CIB partner with other governments across Canada to attract investment from private sector investors like pension funds in revenue generating infrastructure projects that are in the public interest, such as those that support economic growth or sustainability.

  • The CIB was created as part of the Investing in Canada Plan in June 2017 and following an announcement in the 2016 Fall Economic Statement that the Government would establish an arm's length organization to work with provincial, territorial, municipal, Indigenous, and private sector investment partners to transform the way infrastructure is planned, funded and delivered in Canada.
  • As part of the Plan, the CIB is mandated to invest $35 billion over 11 years. Of this funding envelope, $15 billion is to be used to catalyze innovative approaches to infrastructure funding. The CIB uses financial instruments including loans, equity, and, where appropriate, loan guarantees to deliver federal support to projects in the public interest to make them commercially viable and crowd-in private investment.
  • The CIB is implementing a three year $10 billion Growth Plan launched in 2020 to invest in strategic initiatives such as zero-emission buses, energy efficiency building retrofits, agricultural irrigation, broadband, and clean energy transmission, renewables and storage.
  • To advance the Government’s commitment to close the Indigenous infrastructure gap and support the prosperity of Indigenous communities, the Government has set a target for the CIB to invest at least $1 billion in total across its five priority sectors for revenue-generating projects that benefit Indigenous Peoples.

  • As of November 18, 2021:
    o CIB is participating in 32 projects located from coast to coast to coast, in the North, in small communities and large urban areas;
    o CIB’s approved investments of $6.3 billion have attracted approximately $6.7 billion in private and institutional capital; and
    o CIB’s approved investments are in projects with a total capital cost of an estimated $17.8 billion.

  • Below is a list of some of the investments the CIB has already made by priority sector:
    o Transit
     Réseau express métropolitain (REM) - $1.28 billion investment by CIB
     Ottawa Zero Emissions Buses - $400 million commitment by CIB
     Edmonton Zero Emissions Buses - $14.4 million investment by CIB
     BC Zero Emissions School Buses - $30 million investment by CIB
     Autobus Seguin - $15 million investment by CIB
    o Broadband
     Manitoba Fibre - $130 million investment by CIB
     Ontario Rural Broadband - $1.3 billion commitment by CIB
    o Clean Power
     Oneida Energy Storage - $230 million commitment by CIB
     Enwave District Energy - $600 million investment by CIB
    o Trade and Transportation
     Alberta Irrigation - $407.5 million investment by CIB
    o Green Infrastructure
     Algoma Steel Retrofit - $220 million commitment by CIB
     SOFIAC - $100 million investment by CIB
    o Indigenous Infrastructure
     Tshiuetin Railway - $50 million investment by CIB

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