Thank you, Mr. Chair.
Ms. Ropar, Mr. Morley and Mr. Casola, thank you for joining us this afternoon.
I would first like to properly understand the operation of the Canada Infrastructure Bank, or the CIB. I will say what I have understood and you will correct me if needed.
Currently, 10 projects have been announced, including the REM and the Contrecoeur port terminal, which Ms. Ropar talked about. The CIB will fund a portion of those projects. That is the equivalent of a loan. As far as the REM goes, for instance, the Caisse de dépôt et placement du Québec will take the money, carry out the project and refund the money with interest. That means that the Infrastructure Bank does not own part of the project; it is just providing the funding. That is the first portion.
If I have understood your presentation correctly, Ms. Ropar, the money provided by the CIB comes from the private sector or institutional funds. Therefore, you share the amount of money in your portfolio with investors, so that they would invest money with the CIB, which would then fund projects. That is guaranteed by the state. This way, the money you are loaning to us does not come from the government, but rather from private or institutional investors, as you mentioned in your presentation.
Is that correct?