Amarjeet Sohi

[Infrastructure, June 2nd, 2017]

Mr. Speaker, the bank is one very important tool to create economic growth across Canada, to create jobs and grow the economy. Let me share with the hon. member what the International Monetary Fund has to say about the infrastructure bank. It says, “Infrastructure investment is a cornerstone of the government’s growth strategy and the proposed Canada Infrastructure Bank (CIB) will be an effective instrument in achieving this goal.” This comes from a reputable international organization that monitors our government's finances.

[Infrastructure, June 2nd, 2017]

Mr. Speaker, is the hon. member calling the Canada Pension Plan Investment Board, the teachers' fund, OMERS, the Caisse de dépôt, the Alberta Investment Management Corporation cronies? They are the ones who will partner with our government to build the infrastructure that our communities need. They are the ones who have been helping build infrastructure in other countries, so what is wrong with the people who manage our pensioners' funds investing in our own communities, to create jobs for the middle class, help grow our economy, and create opportunity—

[Infrastructure, June 2nd, 2017]

Mr. Speaker, we have put forward a very ambitious agenda to build and rebuild Canadian communities, with a tripling of the federal investments, up to $186 billion. The infrastructure bank is one way to build more infrastructure.

Who is going to benefit from this? It is Canadians and Canadian communities, when they build more housing, build more public transit, and build more recreational and cultural facilities. It is not the cronies who are going to benefit from this bank. It is Canadians who are going to benefit from this bank.

I understand the hon. member is not—

[Infrastructure, June 2nd, 2017]

Mr. Speaker, I am pretty sure the hon. member, who served on city council as mayor, would like to join me in welcoming the Federation of Canadian Municipalities delegates to Ottawa. These are the people who are helping build sustainable communities in partnership with the federal government.

As far as the member's question is concerned, we have been able to create the right balance between making sure the bank is accountable to Parliament, and at the same time, its being a crown corporation that makes decisions on its own to build the infrastructure that our communities require.

[Infrastructure, June 1st, 2017]

Mr. Speaker, last week, we were proud to announce $24 million for 26 cultural and recreational projects across Quebec to support seniors, families with children, newcomers, and multicultural communities. We understand that infrastructure investments also help grow the economy, create jobs, and create opportunities for those Canadians who are working hard to be part of the middle class.

We will continue to work with the Province of Quebec to build even stronger communities going forward.

[Infrastructure, May 31st, 2017]

Mr. Speaker, the bank would be set up with the same legal structure as many other crown corporations. Any project that it would invest in would be required to follow all provincial, territorial, and municipal laws. We respect the jurisdiction of our provinces. We are investing a historic amount of money. We are tripling our investments to build the infrastructure that is required by our municipalities and that is required by our provinces. We do that in co-operation and collaboration with our provincial and territorial partners.

[Infrastructure, May 31st, 2017]

Mr. Speaker, the Canada Pension Plan Investment Board, OMERS, teachers, Caisse de dépôt, and the Alberta Investment Management Corporation all invest in foreign infrastructure, in international infrastructure. What is wrong if the same organizations work with our government to build the infrastructure our Canadian communities need? For a decade, the previous government underfunded infrastructure for our municipalities. Now we are catching up. We are making historic investments. We want to mobilize private capital to build more—

[Infrastructure, May 31st, 2017]

Mr. Speaker, I want to assure the hon. member and this House that the bank would only undertake projects that were in the public interest and would not invest in risky projects. Rigorous due diligence will be done by the bank, by the investors, by the municipalities, by the provinces, and by the federal government. Experts who will run this bank will make sure that taxpayer dollars are always protected and that the public interest is at the forefront of decision-making.

[Infrastructure, May 31st, 2017]

Mr. Speaker, yesterday I met with two ministers from Premier Brad Wall's government willing to partner with us under the infrastructure bank to build the transmission infrastructure their province requires. They understand that by mobilizing private capital through the infrastructure bank, they can free up their own resources to build more affordable housing, to build more transit systems, to provide clean water for their communities, and to build more recreational and cultural infrastructure their communities need. That is exactly what we want to do.

[Infrastructure, May 30th, 2017]

Mr. Speaker, the legislation related to the bank is very clear. This is an optional tool for municipalities and provinces to use.

It is part of our overall extensive, ambitious, infrastructure plan to invest more than $186 billion, and out of that less than 10% will be invested through the bank. Again, it is optional. If they wish to do so, they can explore that option. If they wish not to do so, we will continue to support our provinces and municipalities through our traditional grant funding that is available to them.