Trudeau announces $10-billion for “major infrastructure initiatives”

Oct 1, 2020 | 10:33 AM

OTTAWA, ONT – The federal government is opening up its pocketbooks to build a wide array of infrastructure projects across the country.

Prime Minister Justin Trudeau says this will help to put Canadians back to work during one of the country’s worst-ever recessions and generate economic activity.

“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 Canada Infrastructure Bank’s Growth Plan includes five major spending categories:

$2.5-billion for renewable energy projects and to transmit clean energy between provinces, territories, and regions
$2-billion to connect 750,000 homes and small businesses in underserved communities with broadband internet
$2-billion for large-scale building retrofits to increase energy efficiency
$1.5-billion for agriculture irrigation projects
$1.5-billion to accelerate the adoption of zero-emission buses and charging infrastructure

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Between all of these initiatives, the federal government estimates that approximately 60,000 jobs will be created over the next three years.

“One of the defining features of the Canada Infrastructure Bank is attracting private investment to new infrastructure,” says Michael Sabia, Chair of the Canada Infrastructure Bank. “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.”

More details on the Canada Infrastructure Bank’s Growth Plan can be found here.

by David Opinko