Mr. Speaker, I thank my colleague from Mégantic—L'Érable for his speech.
When the member mentioned Robin Hood, I could not help but think about Robin Hood's companion, Friar Tuck, which was altogether characteristic of the previous government's action in their gluttony, in which it consumed the democratic process. It gave me a chuckle. Gladly, Canadians put that to an end, and that is why we are here today.
The Government of Canada is taking a new approach to infrastructure financing with the establishment of the Canada infrastructure bank, as my colleague mentioned. The bank is an additional tool to build new infrastructure by attracting private sector and institutional investors to support the infrastructure that Canadian communities and Canadians need.
The Government of Canada is committed to finding new and innovative ways to help partners address their pressing infrastructure needs. The bank is one of the new tools we are bringing in to meet these needs.
The infrastructure bank will invest $35 billion in growth-oriented infrastructure across Canada, such as public transit and trade corridors, and serve as a centre of expertise for projects supported by private and institutional investors. It will also advise other levels of government on designing and financing revenue-generating projects. The investing in Canada plan will provide $15 billion, which represents about 8% of the total infrastructure funding commitment in our historic long-term plan worth over $180 billion.
We know that many infrastructure projects will not be a good fit with the bank's mandate. However, for those projects that are, we will work with select partners to provide even more infrastructure to Canadians. The infrastructure bank will be one of a number of funding options available to our government partners. This will enable the federal government to allocate more funding to projects that need public money.
To ensure that the bank meets the needs of our partners and our communities, we have created a system that will produce long-term benefits. We have done extensive work and held broad consultations with third parties and specialized partners across Canada, including in the infrastructure and finance sectors, at every stage of its development.
To ensure appropriate independence, the bank is structured as an arm's-length crown corporation. It will be led by a chief executive officer and governed by an independent board of directors. The bank will make independent investment decisions that represent good value for money for Canadians. This includes structuring, negotiating, and managing its investments using its specialized expertise to meet its mandate.
The bank also is subject to appropriate oversight as it is accountable to Parliament and the public in a number of important ways. It is required to submit, through the Minister of Infrastructure and Communities, an annual report that will constitute the appropriate oversight.
Again, in conclusion, I would like to highlight the fact that the hon. member across the way has suggested a number of allegations with respect to our finance minister. It must be noted that at all times he has complied with the instructions of the Ethics Commissioner, and he has gone above that in the steps he has taken to proactively put up the proper measures to ensure proper transparency. All that to ensure that he is completely above board with the Canadian public. We are proud of the record. We are proud of the fiscal economic update. Canadians should be proud as well.