OTTAWA — The federal government today announced $10 billion in new infrastructure initiatives as part of what is being called the Canada Infrastructure Bank’s (CIB) Growth Plan.
The three-year plan will focus on five sectors:
- $2.5 billion for clean power to support renewable generation and storage and to transmit clean electricity between provinces, territories and regions, including to northern and Indigenous communities.
- $2 billion to connect approximately 750,000 homes and small businesses to broadband in underserved communities.
- $2 billion to invest in large-scale building retrofits to increase energy efficiency.
- $1.5 billion for agriculture irrigation projects to help the agriculture sector enhance production, strengthen Canada’s food security, and expand export opportunities.
- $1.5 billion to accelerate the adoption of zero-emission buses and charging infrastructure so Canadians can have cleaner commutes.
To accelerate the delivery of projects in which the CIB intends to invest, it will also allocate $500 million for project development and early construction works.
“Canada’s infrastructure plan invests in thousands of projects, creates jobs across the country, and builds stronger communities,” said Minister of Infrastructure and Communities Catherine McKenna in a statement. “The Canada Infrastructure Bank is critical to expanding Canada’s ambition by bringing in the private sector to get more infrastructure built. The bank’s $10-billion Growth Plan, focused on investments in broadband, clean energy, retrofits and agricultural irrigation, will create 60,000 jobs, grow the economy and help build a low-carbon future.”