On your first point, we already have institutions whose role at the provincial level is to lower borrowing costs. Six or seven provinces already have municipal borrowing corporations. They recover at least some of their costs by charging a small premium on their borrowing to the municipal government that takes on the borrowing. So we already have those types of institutions.
The key thing to keep in mind at the municipal level is that their problem is not finding access to capital. The world is awash in capital, and there are people who even want to take municipal bonds. The problem with our municipalities is that they don't have the money to pay it back. When they take on extra borrowing that raises their annual costs, they don't have the capacity within their tax load to pay it back. The infrastructure bank then, as another low-cost lender, might bring down the costs marginally, but that's not going to change the game for these municipalities, especially those already facing very tight budgets.
On your question about where the money from P3s is going, P3s in Canada have attracted financing from global investors. They've attracted Canadian financiers but also debt and equity investors from around the world. So the money is spreading widely.