TORONTO —The Ontario government is initiating new measures to attract international investment from firms looking to participate in Ontario’s Public-Private Partnership (P3) market.
The announcement was made by Minister of Infrastructure Monte McNaughton at the annual Infrastructure Investor Global Summit in Berlin.
New measures include creating opportunities for more competition in P3s by accounting for international experience, opening P3 projects to greater innovation by making output specifications less prescriptive and rebalancing the Infrastructure Ontario bid evaluation criteria to better reward design innovation.
“We want to attract investment and expertise from around the globe because we believe more opportunity for private-sector innovation and increased competition leads to value for taxpayers and provides the best performers with opportunities to prove their advantage,” said McNaughton in a statement.
The proposed changes come following extensive discussions with market participants.
McNaughton and his team spoke with more than 50 delegations over a 10-week period, including investors and lenders, technical and financial advisers, and construction and maintenance contractors, indicates a release.
“Our industry partners were extremely candid in letting us know what was working and what was not,” said McNaughton. “After months of listening, my ministry is moving to act, beginning today.”