The Canada Infrastructure Bank announces a plan to create jobs and grow the economy

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Canada Infrastructure Bank Growth Plan Backgrounder

Prime Minister announces infrastructure plan to create jobs and grow the economy 

October 1, 2020
Ottawa, Ontario

Canadians across the country are feeling the impacts of COVID-19, and the  Government of Canada will continue to be there to offer support for those who need it.  As we work toward our economic recovery from the pandemic and begin to build back  better, the government will continue to make investments in infrastructure that will  create good jobs for Canadians, build stronger communities, and make our economy  more sustainable and resilient for everyone. 

The Prime Minister, Justin Trudeau, today announced $10 billion in new major  infrastructure initiatives to create jobs and economic growth. The Canada Infrastructure  Bank’s (CIB) Growth Plan will help Canadians get back to work and is expected to  create approximately 60,000 jobs across the country. The three-year plan will connect  more households and small businesses to high-speed Internet, strengthen Canadian  agriculture, and help build a low-carbon economy. 

The Growth Plan will invest in five major initiatives: 

  • $2.5 billion for clean power to support renewable generation and storage and to  transmit clean electricity between provinces, territories, and regions, including to  northern and Indigenous communities. 
  • $2 billion to connect approximately 750,000 homes and small businesses to  broadband in underserved communities, so Canadians can better participate in  the digital economy. 
  • $2 billion to invest in large-scale building retrofits to increase energy efficiency  and help make communities more sustainable. 
  • $1.5 billion for agriculture irrigation projects to help the agriculture sector enhance production, strengthen Canada’s food security, and expand export  opportunities.
  • $1.5 billion to accelerate the adoption of zero-emission buses and charging  infrastructure so Canadians can have cleaner commutes.

To accelerate the delivery of projects in which the CIB intends to invest, it will also  allocate $500 million for project development and early construction works.  

Today’s announcement is part of the government’s campaign to create over one million  jobs to rebuild from the pandemic, and our more than $180 billion commitment to invest  in new infrastructure across Canada. The government will continue to focus on making investments to strengthen the middle class, create new jobs, and grow the economy, as  we work together to fight COVID-19 and build a more resilient Canada. Together, we  can create a Canada that is healthier and safer, cleaner and more competitive, and  fairer and more inclusive for future generations. 

Quotes 

“By investing in infrastructure, we are strengthening our communities and ensuring good  jobs for today and in the future. We will continue to do what it takes to support  Canadians through this crisis, safely get our economy back up and running, and get  people back to work.” 

—The Rt. Hon. Justin Trudeau, Prime Minister of Canada 

“Canada’s infrastructure plan invests in thousands of projects, creates jobs across the  country, and builds stronger communities. The Canada Infrastructure Bank is critical to  expanding Canada’s ambition by bringing in the private sector to get more infrastructure  built. The Bank’s $10-billion Growth Plan, focused on investments in broadband, clean  energy, retrofits and agricultural irrigation, will create 60,000 jobs, grow the economy  and help build a low-carbon future.” 

—The Hon. Catherine McKenna, Minister of Infrastructure and Communities 

“One of the defining features of the Canada Infrastructure Bank is attracting private  investment to new infrastructure. Every dollar of public investment in these initiatives is  intended to attract additional dollars from private and institutional investors. In that way, the CIB can have bigger impacts that benefit Canadians and Canada’s economy. We  will be moving forward quickly to implement the $10 billion Growth Plan and deliver  results.” 

—Michael Sabia, Chair of the Canada Infrastructure Bank 

Quick Facts 

  • Through the Canada Infrastructure Bank, the federal government has committed  $35 billion to support infrastructure projects across the country. This includes the  Bank’s $10 billion Growth Plan announced today. 
  • The CIB was announced as part of the Government of Canada’s historic, over  $180 billion Investing in Canada Plan. It was created to work in partnership with provincial, territorial, municipal, and Indigenous partners, and leverage the  private sector, to build infrastructure across Canada.
  • The CIB attracts private sector and institutional investment to build sustainable  infrastructure projects that are in the public interest.

Associated Links 

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PMO Media Relations: media@pmo-cpm.gc.ca
This document is also available at http://pm.gc.ca