House of Commons photoLost his last election, in 2019, with 34% of the vote.
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.
Questions on the Order Paper December 14th, 2016
Mr. Speaker, the Government of Canada is fully committed to building the Gordie Howe international bridge. The request for proposal was released on November 10, 2016, which is a critical step in delivering the bridge.
The government and the Windsor-Detroit Bridge Authority will continue to meet with stakeholders to implement this important project, including the owners of the Ambassador Bridge.
However, no formal negotiations have occurred regarding the purchase of the Ambassador Bridge.
Regional Economic Development December 14th, 2016
Mr. Speaker, we are proud of our relationship with the Province of Quebec. We have recently received the application for this project, and the project is under review. The minister responsible for the Province of Quebec knows about this, and we are working with them. This project is very important to us. As we review this, we will let the province know the outcome.
Employment December 8th, 2016
Mr. Speaker, we all understand the difficult times that Alberta families are going through. That is why, in co-operation with the province, we approved three pipelines that will create more than 22,000 jobs. Also, with the support of the municipalities, we have approved more than 125 projects, with a combined investment of more than $3 billion for Alberta communities. We believe that these investments will create jobs for all Canadians, including Albertans.
Infrastructure December 7th, 2016
Mr. Speaker, as a result of our close collaboration with the Government of Alberta and local municipalities, we announced public transit investments last Saturday for communities like Airdrie, Banff, Fort Saskatchewan, Fort McMurray, Red Deer, Strathcona County, Medicine Hat, St. Albert, Lethbridge, and others. Some of these communities are receiving transit funding for the first time in the last decade.
These projects will help grow the economy, create jobs, and build more sustainable—
Infrastructure December 6th, 2016
Mr. Speaker, 98% of the infrastructure that we fund is owned by provinces and municipalities.
We expect government partners to ensure that their procurements are fair and transparent and provide value for Canadians. Infrastructure Canada provides infrastructure funding for projects for municipalities and provinces. The agreements require that the project proponents attest that contracts are awarded fairly, and the department has rigorous reporting and auditing provisions in place.
Infrastructure December 5th, 2016
Mr. Speaker, I would like to thank my colleague from Fundy Royal for her ongoing efforts on this project.
Our government is proud to support projects that connect communities, promote tourism, and support economic growth. Along with this project, we also announced 47 water projects and five transit projects in New Brunswick.
We will continue to work with communities from coast to coast to coast to ensure that our new infrastructure meets their needs.