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.