Thank you, Mr. Chair.
Mr. Chair, I'd like to thank you and the committee for your time today. As Minister of Housing and Infrastructure, I'm here to speak primarily about the Canada Infrastructure Bank, the CIB, and its role in supporting and investing in Canada's infrastructure.
Canada is faced with a generational infrastructure challenge. Whether in terms of housing, clean energy, public transit or trade corridors, we need to build on a scale not seen for decades.
To meet this historic challenge, we need to do more to leverage public and private investment and spending. We have to use the national books to mobilize private capital into public interest infrastructure that connects our communities, that protects our planet and that supports long-term economic growth. We need to do it in a way that respects the jurisdictions, that protects taxpayers, and that delivers results, obviously.
The Canada Infrastructure Bank exists as a key tool in the federal tool box to invest in the public interest. It will continue to play a critical role in Canada's infrastructure future. The CIB's mandate is clear. It's to help close the infrastructure gap and mobilize private investment for the public interest, accelerating the kinds of large-scale, complex projects that otherwise wouldn't get built on time or at all. To this end, the CIB has now committed over $16 billion across more than 102 projects, including zero-emission transit, broadband for rural indigenous communities, and clean power transmission lines, enabling infrastructure for new housing. This has attracted over $19 billion in private and institutional capital, meaning that more infrastructure is able to get built. Most of these investments are already under construction. A number are completed and delivering in value for Canadians by driving Canada's GDP. They're creating local jobs and delivering clean Canadian electricity to residents and businesses.
Because the bank operates at arm's length from government, its board is responsible for investment and operational decisions. That independence is important, as it gives the partners the confidence to bring forward projects and ensures that infrastructure investments are grounded in sound analysis and commercial rigour without political interference. This model has delivered results, but it also means that decisions on specific transactions, like the BC Ferries credit agreement that we're discussing here today, are not made by me or by the Government of Canada.
Let me speak briefly regarding BC Ferries. As you know, the CIB entered into a credit agreement with BC Ferries to support the modernization of its fleet and the electrification of terminal infrastructure. To be clear, this is support that is desperately needed. As a British Columbian, I will strongly reinforce that piece. The aging ferries threaten the commutes and the accessibility to local communities. Residents and visitors should be able to count on safe, reliable, affordable passage across the region on the Salish Sea. It's a significant investment in clean transportation, aligned with both federal and provincial goals. The choice of shipbuilder, however, was not made by the federal government or by the CIB. That decision was made by BC Ferries, who conducted their own global procurement process. To be clear, the Government of Canada had no role or say in the procurement decision.
I understand from briefings with officials that the process did not yield bids from Canadian shipyards. While the final procurement decision was made by BC Ferries, it has understandably drawn criticism. The lack of Canadian bidders in the process has also raised concerns. As someone from B.C., as a minister, I am disappointed in this. I want to see more Canadian-built vessels, more Canadian jobs and more opportunities for domestic industry to participate in major infrastructure projects.
Looking forward, our new government is at work to ensure that building ships like these happens in Canada, using Canadian workers and Canadian materials. That's why we're looking closely at how we better align our industrial policy, our procurement tools and our investment incentives to support and scale up Canadian capacity in important sectors like shipbuilding. At the same time, we should not lose sight of what the CIB stands to do for our national interest or of what this project means for British Columbia residents and communities—lower emissions, stronger public infrastructure, and long-term benefits for people in B.C., including hundred of millions of dollars in Canadian-based maintenance upgrades and service support over the life of these vessels.
In closing, I want to thank the committee for its time and to recognize the work of taking on this important issue and asking the tough questions. As a government, as a country, we are at a historic moment that demands both bold thinking and decisive action, and Canadians are counting on us to get homes built—first and foremost, on my side—and to deliver on the infrastructure that our economy and communities depend on, whether it's ferries on the west coast or trade corridors that connect the country. That's the real work in front of us, and we won't get there by doing things the old way.
We need new partnerships, new financing and a sense of urgency, and the CIB is helping make that happen. It has a proven track record of success in mobilizing billions of dollars of investment, supporting projects that otherwise wouldn't get built. We're going to keep pushing to get more projects off the ground, more jobs created and, importantly, more results delivered for Canadians.
Thank you, Mr. Chair.
