Thank you.
I have a few quick questions for Ms. Fukakusa.
I'm going to use a specific example, which should provide a comparison everyone following our proceedings today can understand, especially those in Quebec and Ontario. Via Rail is planning a terrific project, a dedicated passenger rail track for the Quebec City–Windsor corridor, one of the most densely populated corridors in the country, if not the most densely populated. A comparable project is the Réseau express métropolitain, or REM, in Quebec.
To what extent would potential customers benefit from having the Canada Infrastructure Bank finance the project? If the government were simply to finance the project with taxpayer money, the borrowing rate would be around 1.5%. In contrast, private investors working with the bank will expect a rate of return in the neighbourhood of 7% to 9%.