OTTAWA — Facts and figures on the Canada Infrastructure Bank:
What is it: An arms-length Crown corporation that will use federal dollars to leverage private investments to build revenue-generating infrastructure projects in the national interest.
What will it build: Projects will fall into three categories: urban transit, transport and commerce and green infrastructure. They have to be revenue-generating projects, so it could be, for example, an electricity grid to connect provinces’ electricity sources, toll roads or municipal water and wastewater systems.
How much money will it invest: Canada is investing $35 billion and hopes to attract four to five times that much from private-sector sources such as pension funds.
How will it work: The Infrastructure Bank is to be based in Toronto. The board and the bank’s executives will compile a list of priority projects, then put up seed funding using some of the federal cash and pool additional investments from the private sector to build projects.
When will it start: The government had hoped to possibly have the bank up and running by the end of 2017, but with a CEO just named Thursday, and many more staff to hire including a chief investment officer, it’s likely going to be several months before the bank starts to work in earnest.
The Canadian Press