TORONTO - The Canada Infrastructure Bank (CIB), Valley Fiber Ltd. (Valley Fiber) and DIF Capital Partners (DIF) have formalized their agreement to invest in the Manitoba Fibre project.
Under the terms of the agreement, the CIB will invest CAD 164 million in the approximately CAD 328 million project. Valley Fiber will be responsible for all aspects of construction, installation, operations and maintenance of the new broadband service.
Manitoba municipalities to receive broadband service
I am excited the CIB is making its first investment in broadband and first investment in Manitoba. Our $130 million investment will help Manitobans receive broadband service and create new economic opportunities, support public services like health and education and strengthen rural communities. There is a tremendous opportunity to expand broadband networks and the CIB looks forward to making many more investments which benefit Canadians.
I am honored to be working with such with an amazing team who shares our passion on bringing broadband to rural communities through dedicated active ethernet. Together, we are not only leveling the economic playing field but also bringing essential services to underserviced Canadians in Manitoba.
Rolling out fibre broadband to remote locations in Canada will improve many facets of people’s everyday life. DIF is excited to partner with the CIB and Valley Fiber on this transformational project. It will provide critical broadband access to many Canadians living in underserviced regions and enable rural communities in Manitoba to participate in the digitalization of the global economy.
The COVID-19 pandemic has highlighted how important reliable, affordable high-speed internet is for Canadians. The Canada Infrastructure Bank’s partnership with Valley Fiber and DIF Capital Partners will bring high-speed broadband to up to 49,000 homes in Southern Manitoba by 2024 and create up to 450 jobs, benefitting the local economy and building more inclusive communities. This is part of our government’s plan to ensure all Canadians have access to quality, high-speed internet services.
Access to high-speed Internet is a critical part of our daily lives. As we have witnessed throughout the COVID-19 pandemic, Internet access has kept people connected, working, learning, and socializing remotely. But in communities with limited or no broadband access, this has been difficult. With its first investment in Manitoba, the Canadian Infrastructure Bank is demonstrating the importance of broadband projects in creating economic opportunity for individuals and businesses, and in helping people stay connected.
- The project involves construction of 2,657 kilometres of mainline fibreoptic cabling, targeting 48,500 underserved households with dedicated fibre-to-the-home.
- The broadband service will offer speeds up to 1 gigabit per second, enhancing telecommunications services for residents, businesses and public service delivery.
- During the construction phase, up to 400 jobs will be created with an additional 50 permanent jobs within Valley Fiber.
- More information on Valley Fiber’s service can be found at www.connectmanitoba.com • The CIB is mandated to invest CAD 35 billion and attract private sector investment into new revenue-generating infrastructure projects that are in the public interest and support Canadian economic growth.