House of Commons photoLost his last election, in 2019, with 34% of the vote.
Infrastructure February 7th, 2017
Mr. Speaker, we are doubling our infrastructure investments to create long-term growth and jobs for the middle class, to build a low-carbon economy, as well as strong, inclusive, and welcoming communities.
We have approved more than 1,200 projects. I would like to tell the member that more than 60% of those projects are currently under way, creating opportunities for Canadians.
Infrastructure February 6th, 2017
Mr. Speaker, as I said earlier, in collaboration with the Government of Quebec, we have approved 57 projects for a combined investment of more than $1.5 billion.
Just today, we announced an additional three projects for the region of Abitibi. These projects will provide safe, clean drinking water for the region.
We continue to work with our partners to approve even more projects to grow our economy and create opportunities for the middle class and those working hard to join the middle class.
Infrastructure February 6th, 2017
Mr. Speaker, let me quote some figures: 83 projects for British Columbia with a combined investment of $2.4 billion; 57 projects for the province of Quebec with a combined investment of $1.5 billion; 127 projects for the province of Alberta with a combined investment of $4.2 billion, and the list goes on.
As I said earlier, we have approved more funding for provinces and municipalities in the last year than the previous government did in five years combined.
Infrastructure February 6th, 2017
Mr. Speaker, we have approved more funding in the last year than the previous government did in five years combined, 1,200 projects with a combined investment in partnership with municipalities and provinces, $14 billion together, and almost 60% of those projects are currently under way, creating opportunities for Canadians from coast to coast to coast.
Infrastructure February 3rd, 2017
Mr. Speaker, as I said yesterday, since taking office we have approved 1,200 projects with a combined investment, in partnership with the municipalities and provinces, of $14 billion in infrastructure from coast to coast to coast.
I would also like to share with the hon. member that in the province of Quebec we have approved 58 projects with a combined investment of $1.47 billion. After two years of nothing being done for Quebec, we are on the move to get the work done.
Infrastructure February 2nd, 2017
Mr. Speaker, first I would like to convey that our thoughts are with the people of New Brunswick as they recover from the ice storm there.
Today our government and FCM announced two new programs. These programs will raise awareness about asset management practices, making small, long-term infrastructure decisions. These programs will also help municipalities fight climate change and transition to our low-carbon communities.
I urge all members to tell their communities about these two initiatives. We are proud of our partnership with the Federation of Canadian Municipalities and cities from coast to coast to coast.
Infrastructure February 2nd, 2017
Mr. Speaker, since the introduction of budget 2016, we have concluded bilateral agreements with each province and territory within a very short amount of time. Since doing that, we have approved 1,200 projects, with a combined investment of $14 billion. We have approved more projects in one year than the previous government did in five years. That is our track record, and that is exactly what we are delivering on.
Infrastructure February 2nd, 2017
Mr. Speaker, we appreciate the work of the Office of the Parliamentary Budget Officer to monitor spending as well as inform Canadians and Parliament.
Since taking office, our government, in partnership with the municipalities and provinces, has approved 1,200 projects, with a combined investment of $14 billion. These investments are helping the design and planning work for Ottawa's LRT, Edmonton's LRT, and Calgary's LRT. As a matter of fact, in the member's own city of Surrey, planning work is being done with these resources to expand the LRT work in her own municipality.
Questions on the Order Paper January 30th, 2017
Mr. Speaker, the 2016 fall economic statement announced the investing in Canada plan, proposing to invest over $180 billion over 12 years, starting in 2017-18, in public transit, green infrastructure, social infrastructure, transportation that supports trade, and Canada’s rural and northern communities. As part of this plan, the government is proposing the creation of a Canada infrastructure bank that will work with provinces, territories, and municipalities to further the reach of the government funding directed to infrastructure. The Canada infrastructure bank, federal and provincial/territorial governments, and investors will work together to identify potential projects and identify investment opportunities that provide the biggest economic, social, and environmental returns.
The Canada infrastructure bank will make investments in revenue-generating infrastructure projects and plans that contribute to the long-term sustainability of infrastructure across the country. It will be mandated to work with project sponsors to structure, negotiate, and deliver federal support for infrastructure projects with revenue-generating potential; use innovative financial tools to invest in national and regional infrastructure projects and attract private sector capital to public infrastructure projects; serve as a single point of contact for unsolicited proposals from the private sector; and improve evidence-based decision making and advise governments on the design and negotiation of revenue-generating infrastructure projects.
Regarding the corporate structure of the Canada infrastructure bank, it will be accountable to, and partner with, government, but will operate at greater arm’s length than a department. It will work with provincial, territorial, municipal, indigenous, and investment partners to transform the way infrastructure is planned, funded, and delivered in Canada.
In terms of funding and investments, the Canada infrastructure bank will be responsible for investing at least $35 billion on a cash basis from the federal government into large infrastructure projects that contribute to economic growth through direct investments, loans, loan guarantees, and equity investments. Part of this amount, $15 billion, will be sourced from the announced funding for public transit, green infrastructure, social infrastructure, trade and transportation, and rural and northern communities. An additional $20 billion in capital will be available to the Canada infrastructure bank for investments, which will result in the bank holding assets in the form of equity or debt. This $20 billion will therefore not result in a fiscal impact for the government.
Regarding potential private sector investments in Canada’s public infrastructure, the Investment Canada Act provides for the review of significant direct acquisitions of control of Canadian businesses by foreign investors for their likely economic net benefit to Canada. The act also provides for the review of foreign investments that could be injurious to national security.
The government will announce further details on the investing in Canada plan through budget 2017.
Questions on the Order Paper January 30th, 2017
Mr. Speaker governments in Canada cannot address all of the country’s infrastructure needs alone. Large institutional investors, such as Canada’s public pension funds, have a large pool of capital that the infrastructure bank can help attract and leverage to meet the country’s infrastructure requirements.
The Advisory Council on Economic Growth’s report on infrastructure released in October 2016 highlights that given the historically low and, in many cases, negative interest rate environment, there is an abundance of institutional capital around the world waiting to be deployed. The report broadly illustrates this point in noting that there is approximately $11.7 trillion “parked” in negative-yield bonds.
The report also states that pension funds and sovereign wealth funds have approximately $170 billion invested in infrastructure. The infrastructure investment potential for these institutional investors is estimated at $1.7 trillion to $2.5 trillion, representing 10 to 14 times the level of current investment.
Canada is a stable country with fiscal room for significant investment and a well-grounded system in place. Furthermore, Canada has a long and solid tradition of partnering with the private sector, with a solid reputation in developing and leading in public-private partnership projects. Thus, Canada is well positioned to attract its share of the large amounts of capital that the private sector is seeking to invest in infrastructure.
The Canada infrastructure bank will be responsible for investing at least $35 billion on a cash basis from the federal government into large infrastructure projects that contribute to economic growth, through direct investments, loans, loan guarantees and equity investments. Part of this amount—$15 billion—will be sourced from the announced funding for public transit, green infrastructure, social infrastructure, trade and transportation, and rural and northern communities. An additional $20 billion in capital will be available to the Canada infrastructure bank for investments, which will result in the bank holding assets in the form of equity or debt. This $20 billion will therefore not result in a fiscal impact on the government.