Thank you.
The Liberal infrastructure bank gave out their largest investment to date, $1 billion of taxpayer-funded loans, not to build Canadian ships to power our Canadian economy but to build up the Chinese economy and Chinese workers and power their economy. A number of questions come to mind for Canadians. First, Canadians want to know why the taxpayer-funded Liberal bank has not ensured that its loans are not being used to fund industries in foreign nations. The other question that arises is this: How did the Minister of Infrastructure and the Liberal government allow this to happen?
This is not what Canadians expected when the Liberal government said that the bank would catalyze investments and that they would leverage private sector dollars. The Trudeau, now Carney-backed, Canada Infrastructure Bank is funded with $35 billion of taxpayer money. Those taxpayer funds are being used to ship jobs essentially overseas and are selling out the Canadian shipbuilding industry, all at the expense of Canadian workers.
This motion is about a very serious matter to Canadians and to our Canadian economy. The Liberal government and the Canada Infrastructure Bank are actually complicit in offshoring Canadian jobs. This is a very serious issue. This is especially outrageous at a time when our steelworkers and industry are under attack from unjustified U.S. tariffs. The CIB is complicit in undermining Canadian competitiveness. It must be held to account for how it has allowed this to happen.
There is actually no excuse for the fact that the Minister of Transport, who has been in cabinet for at least 10 years, omitted the fact that this $1-billion financing is from the Canada Infrastructure Bank. Her strongly worded letter to her provincial counterpart actually made it sound as if her government had nothing to do with financing the Chinese ships. How could this government feign outrage at the investment yet not know that they were bankrolling it at a subsidized rate and sending Canadian jobs abroad? How many Canadians get a loan from the government at a 1.8% interest rate? Canadians would love this treatment from their government that we are handing out to foreign nations.
This $1-billion funding to China is Liberal incompetence at best and deliberately misleading to Canadians at worst. This is exactly why Canadians have long opposed the Liberal failed infrastructure bank. Where is the transparency? Why are they funding projects that are taking jobs from Canadians and giving them to countries with much lower labour standards, much lower environmental standards and much lower ethical standards?
The bank has also struggled to attract private sector investment, barely 1:1, even though it promised a 6:1 ratio. The bank has not only failed to attract any private sector investments; they have gained taxpayer dollars and have channelled them away from Canadians to a Chinese state-funded shipyard.
The Standing Committee on Transport, Infrastructure and Communities several years ago also determined that this infrastructure bank was not fixable. They made one—only one—recommendation in their report, and that was to abolish the bank. Once again, we see why Canadians, Conservatives and opposition members were correct in the assessment to abolish the bank. This is yet another example of why Conservatives do not have any confidence in this bank.
The bank's decisions are suspect and were made behind closed doors, the ramifications of which are that the decisions come at a pivotal time to Canada and strike a very hard blow to the Canadian employment sector and workers. The CEO and the Minister of Infrastructure must answer for this. Liberal ministers have often denied having responsibility for the bank's investments or spending, saying that it is arm's-length, but that is no excuse when the stakes are so high. Canadians need answers about how their hard-earned tax dollars are being spent.
The CIB characterized this investment as supporting essential “service upgrades” and “green infrastructure”, but it does not reflect the original promise of public-private partnership, a model that was supposed to—