Thank you, Mr. Chair.
It's not surprising that this motion was introduced by the Conservatives. Long before the last election, they made it known that they wanted to make cuts to infrastructure, not to build. The 2019 Conservative election platform was based on a promise to save $18 billion in cuts to and delays of infrastructure projects across Canada.
Conservative politicians say they're for the people, but they're far from that, since they make cuts to programs and services Canadians rely on. However, that's not really surprising because it's what Conservatives do best.
The former Conservative leader and conservatives like Doug Ford have opposed our infrastructure investments at every stage. The Conservatives' empty promises have actually meant delays and cuts to infrastructure projects across Canada.
Let's be clear: the Conservatives won't tell Canadians what crucial water, electricity or broadband projects would be shelved so they can pay for the tax cuts they're proposing for the rich. You needn't take our word for it. Just look at what Doug Ford has done in Ontario. By the Ford government's own admission, they 've missed two construction seasons by putting slogans ahead of actual objectives and seeking political victories when they should have tried to start up projects.
The funding our government offered was available from day one. What the Conservatives proposed on infrastructure was nothing less than a repeat of our own commitment to build stronger communities. The Conservatives' cuts hurt. It's the families in my riding and Canadian communities who'll be affected by their plan. The former Conservative leader's platform is a failure. However, we believe that continuing infrastructure investments, not cuts, is essential to achieving the vision and ambition that we have for a more prosperous Canada.
We're putting this belief into practice by investing in various provincial projects. For example, funding for a project such as the REM will help many Quebeckers get to work sooner and do so in the knowledge that their choice is the right one for the environment. It's important to note exactly what those projects are.
A commitment of $1.28 billion has been announced for construction of the Réseau express métropolitain. The REM calls for construction of a new automated light rail system serving the greater Montreal area. The system will include 26 stations over 67 kilometers, practically doubling the length of the present 71-kilometer-long metro system. The REM is the largest public transit project undertaken in Quebec in the past 50 years. The system will gradually go into service between 2022 and 2023.
The Canada Infrastructure Bank's investment commitment includes the following items: an initial loan interest rate of 1%, increasing to 3% over a period of 15 years, with the loan commitment covering project startup and construction risks.
A project like the REM will benefit everyone. In addition to the number of jobs created, it will generate significant impact for Quebec businesses and workers. Nearly $2 billion will be paid out in salaries in Quebec and more than $4 billion in local content. That represents 65% of the value of the project.
Construction work on the REM will involve many specialized trades and professionals, including engineers, architects, automated site systems experts, cabinetmakers, steel fabricators and erectors, electricians, mechanics and so on.
My riding of Alfred—Pellan is full of talented workers. They'll be able to put their knowledge and experience to work on the construction of the REM.
In addition to increasing mobility in the greater Montreal area, the project will revitalize the region's local economy. Ultimately, the REM project, supported by the Canada Infrastructure Bank, will support hundreds of families in my riding. In addition to creating jobs and wealth, the REM will stimulate the creation of a centre of excellence and expertise in automated mass transit in Quebec. The repair and maintenance of a high-tech system will help guarantee permanent high-quality jobs and a new Quebec knowledge base.
However, we definitely must not overlook the project's environmental benefits. These investments will promote sustainable development and greenhouse gas emissions reductions. Adjustments have also been made to the project to reduce its environmental impact.
Furthermore, in conjunction with the REM project, we should mention the plan to build a station at Montreal's Pierre Elliott Trudeau International Airport. This new station and the new rail link will thus be connected to the REM light rail system.
The Canada Infrastructure Bank's investment will be in addition to its previous $1.3 billion investment in the REM. It goes without saying that an accessible REM station will be a major public good, providing rapid and practical service to and from the airport. Whether it's local road traffic or the weather…