Ontario Construction News staff writer
Tamara Vrooman, the newly appointed chairperson of the Canada Infrastructure Bank (CIB) is looking at new priorities delivered in an updated Statement of Priorities and Accountabilities.
The statement from Infrastructure Minister Catherine McKenna, sets out the government’s expectations for the Bank’s activities across five priority areas: public transit, green infrastructure, trade and transport, broadband and clean power. It includes direction to spend $1 billion on Indigenous projects.
“This is how we’re going to build our country and I don’t think we can underestimate the importance of infrastructure right now,” McKenna said in an interview with Bloomberg. “We need growth in the long term … We need jobs and infrastructure is a critical piece to that.”
Priorities are also about “a net-zero future, a connected future, a future with our relationship with the United States.”
Progress in priority areas include implementing the CIB’s Growth Plan, which aims to invest $10 billion over the next three years in strategic initiatives such as zero-emission buses, energy efficient building retrofits, agricultural irrigation, broadband, renewables and energy storage. These investments will help grow our economy, create good jobs “and build inclusive communities and support Canada’s climate goals.”
To advance the government’s commitment to close the Indigenous infrastructure gap and support the prosperity of Indigenous communities, McKenna set a target for the CIB to invest at least $1 billion in total across its five priority sectors for revenue-generating projects that benefit Indigenous Peoples.
“The Canada Infrastructure Bank has all the key elements in place to deliver jobs, growth and nation-building infrastructure for Canadians that drives us to a net zero future,” she said.
“With new leadership and clear priorities, including a new commitment to identify opportunities to invest in major projects in partnership with Indigenous Peoples, I’m confident the Bank will help drive Canada’s economic recovery and build the infrastructure we need for Canada’s long-term success.”
The Bank recently announced a partnership for the Oneida Energy Storage project, an example of the ambitious projects this new investment target may unlock.
As the Government undertakes Canada’s first ever national infrastructure assessment, the CIB will provide advisory services to help identify needs in Canada’s built environment, particularly with respect to the role of the private sector and investment community.
The CIB is a Crown corporation that operates at arm’s length from Government. Statements of Priorities and Accountabilities are used by Ministers to communicate government priorities and expectations to Crown corporations.
While the government sets the priorities, the CIB’s Board of Directors is responsible for the organization’s ongoing governance and supervision of its business, final investment decisions, and forward-planning and strategic direction. Like other federal Crown corporations, the CIB is accountable to the Government, Parliament and the public through a corporate plan and annual report.
Recently, the CIB announced its Growth Plan to invest $10 billion over the next three years in infrastructure projects that will help Canadians get back to work and is expected to create approximately 60,000 jobs across the country.