The Liberal Trudeau government’s proposal to harness private investment dollars for public-works projects through a national infrastructure bank is being praised as a good first step, but the devil will be in the details, industry experts caution.
Finance Minister Bill Morneau announced the plan for the Canada Infrastructure Bank on Nov. 1 in his fall financial overview. The proposal also included $60 billion to planned infrastructure spending over the next 12 years beyond the $90 billion in last spring’s national budget. As an independent agency able to make impartial recommendations on the economic merits and priorities of various projects, the bank would use about $26 billion in government seed money to leverage private investment. The Liberals’ plan would also create a new “Invest in Canada Hub” marketing program to attract foreign investment and ease some restrictions non-Canadian investors now face.