(Financial close)
Malahat Nation to build new water and wastewater facilities
New facilities will improve water quality, support new housing and economic development
Fast facts
We are loaning $57.6 million to help the Malahat Nation, located on Vancouver Island, to build a new water and wastewater facility which will provide clean water and support construction of housing and expansion of Indigenous-owned businesses.
The project’s development timeline was advanced, thanks in large part to the CIB providing $900,000 in acceleration funding, which has been rolled into the loan. This is the first project in which acceleration funding has matured into a closed investment.
The expansion of water storage capacities will ensure adequate reserves and flows for firefighting, emergencies, and climate resiliency. The new wastewater system will better protect underground water supplies on reserve and the ecosystem and shellfish beds in the Saanich Inlet, by improving the quality of effluent.
Benefits of the CIB’s involvement
Without the CIB’s concessional support, water ratepayers would face significant economic challenges. The CIB’s flexible and low-cost capital helps mitigate this affordability gap, offering cost savings, ensuring rates are comparable with neighbouring districts.
The project is expected to support approximately 470 direct and indirect jobs and $55 million in GDP during the construction phase.
Learn more
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