Legislative Review of the Canada Infrastructure Bank
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The Canada Infrastructure Bank was established in 2017 as a federal Crown corporation. It aims to ensure Canadians benefit from modern and sustainable infrastructure that is built through strategic partnerships between governments and the private sector. Its mandate is to invest and seek to attract investment from private sector and institutional investors in infrastructure projects that are in the public interest. For example, supporting conditions that foster economic growth or by contributing to the sustainability of infrastructure in Canada.
The Minister initiated this Review in June 2022, which sought to answer:
- whether the policy premises and the context underpinning the creation of the CIB are still sound and pertinent;
- whether the CIB’s legislated mandate and the authorities supporting its operations remain relevant in the context of an evolving policy and infrastructure landscape; and
- whether any changes or clarifications are needed to equip the CIB for success in the future. The review process was informed by research, analysis and broad public and stakeholder engagement.
The Report details the successes of the program including:
- Forty-six investment commitments in projects across five priority sectors, focused on Public Transit, Trade and Transportation, Green Infrastructure, Broadband, and Clean Power;
- Thirteen formal advisory, project development and project acceleration initiatives, plus ongoing provision of advice on projects in early stages of development;
- $9.7 billion in commitments to invest in infrastructure projects;
- $8.6 billion in investment from private and institutional investors;
- $8.7 billion in investment from other public partners; and
- $27 billion in total capital for infrastructure projects from public and private partners.
During the Review process, stakeholders recognized the need for the CIB to operate with clearer and more stable parameters, a greater focus on its advisory and knowledge and research functions, and with strong governance and performance measurement. Based on the findings of the Review and feedback from stakeholders, the Review identified the following opportunities in three broad areas:
- Providing greater clarity on the CIB role/model;
- Engaging public partners to advance the use of alternative financing;
- Supporting CIB governance and results measurement.
You can read the entire report at:
