(Project Acceleration)
Investing in the North to enhance Canada’s global trade
Fast facts
The Canada Infrastructure Bank (CIB) and West Kitikmeot Resources Corp. (WKR) have signed a Memorandum of Understanding (MOU) for project accelerator funding of up to $3 million to advance the Grays Bay Road and Port Project.
The project seeks to unlock new opportunities for the Kitikmeot region and its Inuit beneficiaries, including increased trade volumes and sustainable economic growth as well as improved affordability and easier access to essential goods and services.
Developing a new transportation corridor in the Western Arctic will connect Nunavut to the national highway systems in the Northwest Territories, enabling new trade opportunities between the Arctic and the rest of the world.
Funding from the CIB will support pre-construction requirements which will help move the project forward. The proponent will continue to advance due diligence and project development work including completing environmental assessments, geotechnical studies, engineering, design, securing regulatory permits and a project business case to determine project scope and feasibility.
Benefits of CIB involvement
Large infrastructure projects – particularly those in the North – take many years to plan and develop and are often delayed due to limited availability of development funding. The CIB’s accelerator funding will be used to expedite project assessment work to speed up an investment decision, which it hopes to support.
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