Minister McKenna sets new priorities for the Canada Infrastructure Bank
February 3, 2021
Ottawa, Ontario — Infrastructure plays a critical role in building our country and growing our economy. The Canada Infrastructure Bank (CIB) is a cornerstone in the Government of Canada’s plan to build transformational infrastructure in the public interest, create good jobs, and move ambitiously to net zero emissions by 2050.
The Honourable Catherine McKenna, Minister of Infrastructure and Communities, has written to Tamara Vrooman, the newly appointed Chairperson of the Canada Infrastructure Bank with an updated Statement of Priorities and Accountabilities. This Statement sets out the Government’s expectations for the Bank’s activities across five priority areas: public transit, green infrastructure, trade and transport, broadband, and clean power.
The Canada Infrastructure Bank is already making progress in these priority areas as it implements its Growth Plan, which aims to invest $10 billion over the next three years in strategic initiatives such as zero-emission buses, energy efficient building retrofits, agricultural irrigation, broadband, renewables and energy storage. These investments will help grow our economy, create good jobs and build inclusive communities and support Canada’s climate goals.
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. The Bank recently announced a partnership for the Oneida Energy Storage project, an example of the ambitious projects this new investment target may unlock.
As the Government undertakes Canada’s first ever national infrastructure assessment, the CIB will provide advisory services to help identify needs in Canada’s built environment, particularly with respect to the role of the private sector and investment community.
This work will complement the Government of Canada’s overall efforts on sustainable infrastructure and building back better.
“The Canada Infrastructure Bank has all the key elements in place to deliver jobs, growth and nation-building infrastructure for Canadians that drives us to a net zero future. With new leadership and clear priorities, including a new commitment to identify opportunities to invest in major projects in partnership with Indigenous Peoples, I’m confident the Bank will help drive Canada’s economic recovery and build the infrastructure we need for Canada’s long-term success.”
– The Honourable Catherine McKenna, Minister of Infrastructure and Communities
As part of the Government’s historic Investing in Canada Plan, the CIB was established as an innovative financing tool to address our country’s significant infrastructure needs, and has been allocated $35 billion to support infrastructure projects across the country and attracting investment from private partners to those projects.
The CIB is a Crown corporation that operates at arm’s length from Government. Statements of Priorities and Accountabilities are used by Ministers to communicate government priorities and expectations to Crown corporations.
While the government sets the priorities for the CIB, the CIB’s Board of Directors is responsible for the organization’s ongoing governance and supervision of its business, final investment decisions, and forward-planning and strategic direction. Like other federal Crown corporations, the CIB is accountable to the Government, Parliament and the public through a corporate plan and annual report.
Recently, the CIB announced its Growth Plan to invest $10 billion over the next three years in infrastructure projects that will help Canadians get back to work and is expected to create approximately 60,000 jobs across the country.