That's by the volume and the quality of the pipeline of projects, the number of jurisdictions that are involved, and the number of sectors. Why has it happened? That's for a variety of reasons. One is the creation of public sector expertise to do that, and leadership at the provincial level that has been then echoed at the federal level. There's also a commitment to open competition, an area that has brought international expertise and has helped to develop a strong Canadian industry as a result, and the uniqueness of capital markets.
What do I mean by that? We used to criticize Canadian banks for being conservative. They didn't lend long term against infrastructure projects, which created in Canada a unique project bond market, a unique capital market to support long-term infrastructure projects. Post-financial crisis, when European banks and others went down, the Canadian capital markets, through the regulatory strength that has happened here in Canada, survived and blossomed through that to continue to be able to provide cost-effective financing. People talk about the financing where this is less than 2% as the difference between the private sector financing and the public sector financing. It's less than 2%. It still can cost money.
We have rule of law, public sector expertise, competition, and capital markets.