Cory said the CIB is just one tool in a kit that’s focused on delivering the vast infrastructure requirements Canadians want but can’t afford to get done just through traditional means of government grants or the private sector cherry-picking just the most profitable projects.
Cory said the bank now has examples across all of its sectors to start to show how it can accelerate the infrastructure build and fill that gap. As of the first quarter, the CIB has earmarked $7.6 billion on 34 investments or investment commitments that has unlocked about $22 billion of infrastructure projects that wouldn’t otherwise be built.
“So I think we found our footing, we’re much clearer now on that gap. And we're clear in the sectors that we're playing in and and how we can work with partners.”
The prime goals of any investment is greenhouse gas emissions reduction, better connectivity of Canadians through both transit and broadband or access to infrastructure to indigenous communities.
However, there’s a lot of risk and uncertainty right now from high inflation, supply chain disruptions and rising interest rates that stand in the way of projects. So the CIB can partner with the private sector to absorb some of those challenges by offering long-term investments.
“In many ways that says that the need for the CIB is greater than ever, because again, the gap we're filling in the projects is getting more acute,” he said. “So in many ways, our financing is more crucial now to help projects bridge that gap.”