Public Accounts Committee on April 29th, 2026

[Tom Osborne, Liberal, Cape Spear, NL]

You've committed $18 billion to projects across the country, but a much smaller amount of those funds has been drawn by project proponents. Can you talk about why it takes so long to deploy this capital?

[Steven Robins]

Absolutely.

We've committed, as you said, $18 billion, and we've now drawn just over $7 billion to fund the projects. We do that because, on every credit agreement, we are very disciplined to ensure that we protect the taxpayers' investment, and we flow funds only as construction occurs to those projects. Now, construction of these projects is complicated. They require sequencing of multiple activities over a period of multiple years, and they need to be matched to construction seasons. As my colleague talked about, the wind farm we financed in Nunavut, on an island in Hudson Bay, is an example of a project where being able to catch the spring sealift for essential parts is a critical part of delivering that project to a schedule.

When you think about the projects at the scale we're financing, they typically take about four to five years to deliver. What you're seeing today in the public accounts is a catch-up of the rate at which we are drawing funds from the appropriation—nearing $3 billion—to the rate that we've been reaching financial close since 2020. That's reflecting that if you start closing $3 billion a year in 2020, it takes about four or five years to fully ramp up the disbursements to that same rate.

[The Chair, Conservative, John Williamson]

Thank you.

That is your time, Mr. Osborne.

Mr. Lemire, you have six minutes.

[Sébastien Lemire, Bloc, Abitibi—Témiscamingue, QC]

Thank you, Mr. Chair.

I thank the witnesses for being here with us today.

In the written response to one of the questions that I raised at a previous meeting of this committee, your representatives indicated that the CIB's funding was structured in the form of repayable loans with interest and that, for several quarters now, you have been generating enough revenue to fully cover your operating costs.

However, when we look at your revenue and expenditures on pages 148 and 149 of the Public Accounts of Canada 2025, we see that you have $131 million in revenue from third parties and $293 million in expenditures related to third parties.

In 2025, the government gave you a cheque for $2.9 million, which brought your assets up to $15 billion. You invested that $15 billion.

From what I can see, based on the difference between your revenue and your expenditures, you have a deficit of roughly $150 million. Is that correct?

[Frédéric Duguay]

I don't have the information from the Public Accounts of Canada in front of me.

With regard to the answer that you were given as a follow-up to the question that you raised in committee, as Mr. Robins explained, since July 2024, the CIB has generated enough returns on its investments, primarily in the form of interest payments and principal payments, to cover its operating costs. That is where we stand in terms of revenue and expenditures at the CIB.

As Mr. Robins explained, we are still receiving appropriations from the government to invest in the projects we finance. These expenditures are rising every quarter as more projects achieve financial close and more projects move into the construction phase. As a result, the government is granting the CIB more appropriations.

[Sébastien Lemire, Bloc, Abitibi—Témiscamingue, QC]

In the same written response, you indicated that 13 of the 106 projects that you invested in over the third quarter were in Quebec. That is not at all in line with Quebec's demographic weight.

How do you explain this low rate of investment? Can you tell me, in writing, the total amounts invested by province and territory so I can see whether Quebec is getting its fair share?

[Frédéric Duguay]

Mr. Chair, if I understood correctly, the member would like a written answer regarding the amounts invested in the 108 projects to determine how the investments in other provinces compared to the amounts invested in the 13 projects in Quebec in the third quarter. That does not include the Contrecœur port project that my colleague spoke about earlier. I am just trying to understand whether this is a request for information.

[Sébastien Lemire, Bloc, Abitibi—Témiscamingue, QC]

Yes, it is a request for information. I am not trying to trick you. I just want to know the reasons behind the lower rate of investment in Quebec compared to the investments being made in the other provinces of Canada.

[Frédéric Duguay]

Mr. Chair, we will provide the information.

[The Chair, Conservative, John Williamson]

Thank you very much.

Mr. Lemire, you have two and a half minutes left.

[Sébastien Lemire, Bloc, Abitibi—Témiscamingue, QC]

Thank you, Mr. Chair.

I would like some clarification on another point.

The Canada Infrastructure Bank is going to invest in Build Canada Homes to build housing. However, the government has launched a sovereign wealth fund that has been described as a “gimmick”. I am talking about the Canada Strong fund, which will also invest in various projects. It seems as though a lot of people are being paid to invest in projects spearheaded by the government.

Why does the government need you to grant loans when it can do so itself, as this measure demonstrates?

Here is the question that I want to ask: Is the creation of this sovereign wealth fund for major national investment projects not an indication that the government lacks confidence in the Canada Infrastructure Bank?

[Frédéric Duguay]

I am not going to comment on the announcement regarding Canada's sovereign wealth fund. However, I can very clearly explain our investment priorities at the CIB. One of those priorities is the construction of enabling infrastructure to ensure that more housing can be built. The CIB is making a lot of investments in public transit projects, enabling infrastructure and waste water treatment plants, for example.

The CIB works with municipalities and project proponents to make necessary investments in enabling infrastructure so that other Government of Canada agencies, such as Build Canada Homes, which you mentioned, can then build more housing. We are not investing in housing but in enabling infrastructure to unlock projects and create favourable conditions for more housing to be built.

[Sébastien Lemire, Bloc, Abitibi—Témiscamingue, QC]

My region of Abitibi‑Témiscamingue generates 10% of the GDP. If we do the math, we see that approximately 2% of the Canadian economy comes from Abitibi-Témiscamingue.

I asked the CIB to send me information on all of the projects that it is funding in Quebec, particularly in remote areas like my region of Abitibi-Témiscamingue. Of the $18.1 billion, how much was invested in my riding? Because I am short on time, I will answer that question myself: zero dollars. The CIB did not fund any projects at all in Abitibi-Témiscamingue.

Why is the CIB not investing in this region, which is full of critical and strategic minerals and has enormous potential? Why are you not present in a region like Abitibi-Témiscamingue?

[Frédéric Duguay]

Mr. Robins answered a question a little earlier about the work that we are doing with the Major Projects Office to help many priority projects move forward, including projects related to critical minerals.

To clarify, I have to say that we made a $400‑million investment in the Fédération des transporteurs par autobus du Québec to help bus operators get loans to buy zero-emission buses. This investment applies to all members of the federation, including bus operators in the region of Abitibi-Témiscamingue. They can take advantage of this solution to get a loan. Bus operators in Abitibi are often small and medium-sized businesses that want to replace their diesel buses with zero-emission buses. Our funding helps these operators make that investment and manage the cost of that purchase.

I just wanted to say that it is indeed important to invest in the regions and that we are also making investments across Quebec that benefit many regions.

[Sébastien Lemire, Bloc, Abitibi—Témiscamingue, QC]

Thank you very much.

[The Chair, Conservative, John Williamson]

Thank you very much.

We will begin our second round of questions. Five members will be participating, but the time given to each will change a little.

Mr. Deltell, you have five minutes.

[Gérard Deltell, Conservative, Louis-Saint-Laurent—Akiawenhrahk, QC]

Thank you very much, Mr. Chair.

I want to recognize my new and returning colleagues who are here with us today.

Welcome, Mr. Duguay and Mr. Robins. Thank you for participating in this discussion.

I would like to circle back to something my Bloc colleague said earlier. I was actually a little upset when he brought it up because he kind of stole my thunder. I am joking about being upset, of course. The topic I wanted to discuss is the sovereign wealth fund.

The Liberals created the CIB nearly 10 years ago in 2017. Now, today, they are creating what they are referring to as a sovereign wealth fund, which La Presse described as a “patente à gosses”. I look forward to seeing how the interpreters will render that expression in English. I must admit that I had a lot of trouble yesterday when my leader used that expression, which sums up very well the great mystery surrounding this fund.

Can you tell us exactly what the difference is between the Canada Infrastructure Bank and the “patente à gosses”, or gimmick, that the Liberal government just announced?

[Frédéric Duguay]

The CIB's mandate is essentially to invest in infrastructure projects that are stalled, either because they involve a risk that the private sector isn't prepared to take on, or because there's a funding gap that needs to be filled. That's the type of project we help move forward as part of our mandate. Mr. Robins explained our investment in the Contrecœur project very clearly, for example. We can take a very long-term view and be very patient regarding the return on our investment when it comes to moving forward with a project that has economic merit.

As for the sovereign wealth fund announced by the government earlier this week, I will stick to what was discussed in yesterday's press release, and I won't necessarily go into that here.

[Gérard Deltell, Conservative, Louis-Saint-Laurent—Akiawenhrahk, QC]

I completely agree with you. I just wanted to give you a chance to distinguish between the two. As for the rest, we'll see what it's all about.

Your institution was founded in 2017. We know the COVID-19 pandemic occurred since then, which brought about a new way of working through remote work—a shift intended, in particular, to generate savings on office space. I would like to know what efforts you have made.

I'd like to quote a statement that the member for Markham—Unionville made on June 10:

Mr. Speaker, I would like to acknowledge today's scathing Auditor General's report on the current and future use of office space. The report noted that the Liberals promised to reduce office space by 50%, with $1.1 billion over 10 years to do so. However, the Auditor General found that the office space reduction will only be 33%.

I'm not the one saying this; it's the current MP for Markham—Unionville, who now sits with the Liberals. He went on to say this:

After years of flashy announcements, all they have are endless broken promises. The report says that it takes six to eight years to dispose of surplus buildings, a completely unacceptable and costly timeline.

I'll say again that that is what the member for Markham—Unionville said less than a year ago. Here's what his clear conclusion was:

As millions of Canadians are struggling to find affordable housing, this latest report confirms just how out of touch and unhelpful the same old Liberal government has been.

I'm not the one saying this; it's the current MP for Markham—Unionville.

Mr. Duguay, have you personally had to deal with the challenges that the Auditor General highlighted?

[Frédéric Duguay]

To answer your question, I'll give you an overview of the past five or six years. As I explained in my opening remarks, the CIB is an independent Crown corporation, managed by its own board of directors. So, every year, we submit a corporate plan to the minister that includes an operating budget. Within that budget, we essentially outline our expenditures in relation to our growth over a five-year period. The CIB is a corporation that has been growing over the past six or seven years, as I explained. To date, we have invested over $18 billion in 108 projects. When these projects are in the construction phase, we essentially need staff for asset management, and so on. What we have—

[Gérard Deltell, Conservative, Louis-Saint-Laurent—Akiawenhrahk, QC]

We understand that you have been far more effective than the Liberal government, as the member for Markham—Unionville said. He believes that “millions of Canadians are struggling to find affordable housing” and that “this latest report confirms just how out of touch and unhelpful the same old Liberal government has been.” That's according to MP Michael Ma.

[The Chair, Conservative, John Williamson]

Thank you very much, Mr. Deltell.

Ms. Yip, you have the floor for five minutes, please.

[Jean Yip, Liberal, Scarborough—Agincourt, ON]

Thank you.

Thank you to the witnesses for coming here virtually. I would like to return to the work at hand, which is to question the Canada Infrastructure Bank, specifically the bank, and to not make any other comments about fellow committee members.

Since the CIB is not a granting program but rather a lending program, can you explain how the investment structure works and how that is an efficient way to use taxpayers' money and get more infrastructure built?

[Steven Robins]

I'm happy to start on that question and then go to Mr. Duguay if there's anything he'd like to add.

As you say, the CIB makes investments in projects. What that means is that when we make a loan to a project, it is not an expense of the Government of Canada. It does not show up, as you see, in the public accounts, as that's the amount that's showing there. One of your colleagues asked the question about the revenue, the $2.8 billion in revenues that we were showing from government appropriations. That reflects the flow of funds from the Government of Canada to the CIB to fund those loans, which are then lent out with interest to various projects across the country.

As those projects proceed through construction, they start generating revenues and operations, whether that is the cost of the wind turbine charges to the grid, the fees that users of a port pay or the fare that someone pays when they tap onto a transit system. We then use those revenues to repay our loan over time.

Over the life cycle of the portfolio, we anticipate getting more money back from those investments than we put out in the first place. What that allows us to do is cover our operating costs and create a flywheel of investment that comes from reinvesting those proceeds over time.

To date, we've now seen over $600 million flow back from our initial wave of investments to the CIB, which we've been using to offset the requirements for incremental capital from the shareholder. That's what allows us to be a self-sustaining institution that funds $3 billion or $4 billion a year in new infrastructure across the country.

[Jean Yip, Liberal, Scarborough—Agincourt, ON]

How do your projects help with affordability and more vulnerable Canadians?