I think there were two points that I heard you raise.
The first point is whether PPP Canada requires cash on hand, given that it is making undertakings for specific infrastructure projects. As a non-agent crown, the commitments that it makes are not binding on the Government of Canada. That's the distinction between non-agent and agent. So for that reason they require appropriations. They need to have cash on hand so that other funding partners believe that those commitments are credible. If they were an agent of the crown, there would not be the same imperative.
The second reason goes more to the fundamental purpose of the creation of PPP Canada, as I understand it. I think at the time of the creation, the thinking was that for the Government of Canada, it was important to become a credible and active participant in the P3 market. It was important because not all infrastructure projects are P3 projects, but those that are possibly P3 projects can deliver better value for taxpayers. That was the rationale.
The Government of Canada, I don't think, had extensive experience in that endeavour, and the government felt that it was important to bring to bear private sector experience in the form of a private sector board of directors to constitute a corporation to undertake what was a relatively new, but very important activity. It was for that reason the corporation was created.