Mr. Speaker, I will be splitting my time with the member for Rivière-des-Mille-Îles.
Mr. Speaker, it is always a pleasure to rise in this House regarding the Government of Canada's ambitious plan to make smart investments that will create jobs, grow our economy, and provide more opportunities for the middle class and those working hard to join it.
Over the past year, the government has put in place a plan to grow the economy in a way that works for the middle class and those working hard to join it. Our government has raised taxes on the wealthiest 1% so that we could reduce taxes for the middle class. We have introduced a new Canada child benefit that gives more money to nine out of 10 Canadian families and lifts 300,000 children out of poverty. We have strengthened the Canada pension plan to help Canadians have a more secure and safe and dignified retirement, which they deserve.
We are supporting strong communities by using innovative solutions to help meet pressing infrastructure needs. We are investing in infrastructure that creates good, well-paying jobs that help the middle class grow and prosper.
By making it easier to move people and products, well-planned infrastructure can deliver sustained economic growth for years to come. We put in place an ambitious long-term infrastructure plan that will invest more than $180 billion in federal funding over 12 years. This plan focuses on five key areas: public transit, green infrastructure, social infrastructure, trade and transportation, and rural and northern communities.
Under the first phase of this plan, budget 2016 invested more than $10 billion toward public transit and social and green infrastructure projects. We wasted no time in rolling it out and have made considerable progress. This includes investments toward nearly 550 public transit projects that will make it easier for Canadians to get to work on time and will ensure that public transportation is there when Canadians need it the most; more than 700 projects under the clean water and wastewater fund that will improve access to clean drinking water and will reduce pollution in our lakes and rivers; and 1,000 projects to retrofit and renovate social housing to repair more than 48,000 social housing units. These projects are already making a difference in communities across our country.
To maximize the benefits of infrastructure investments and to ensure that more money flows into infrastructure, the Government of Canada is committed to finding new and innovative ways to fund infrastructure and mobilize private capital. As part of our fall economic statement, we announced the creation of a Canada infrastructure bank. We have consulted broadly with experts on the creation of the bank and will continue to work with our partners to ensure that the bank meets their needs and the needs of all Canadians.
Canada has a very mature market when it comes to infrastructure projects, and partnerships between the public and private sectors have always been a key to the success of infrastructure. Many key pieces of infrastructure, including the Edmonton light rail transit system, were financed in part by the private sector.
In terms of moving the yardstick even further, we believe that there is an opportunity for the federal government to crowd in private sector investment in infrastructure through loans, loan guarantees, and equity participation. The bank will do just that.
The bank will also create more options and opportunities for provinces, territories, and municipalities across the country to undertake transformative infrastructure projects. The bank will invest $35 billion in new projects across Canada, projects such as major public transit in our largest cities, energy transmission corridors, major corridor projects, and more. Of the $35 billion planned to capitalize the bank, $15 billion will be sourced from the announced funding for public transit, green infrastructure, social infrastructure, trade and transportation, and rural and northern communities. This $15 billion is less than 8% of the total commitment of infrastructure funds under our long-term plan.
In addition, $20 billion in capital will be available to the Canada infrastructure bank for investments that 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.
The bank will serve as a single federal government point of contact for the private sector and will employ private sector experts to enable the government to invest effectively with private capital. The bank's funds will be over and above the commitment this government has made to double infrastructure funding. Most important, it will offer our funding partners a new way to help meet pressing infrastructure needs. By using private capital to build those new projects, public money will be freed up to build more public infrastructure.
The bank will be a centre of excellence in infrastructure investment by the private sector. It will provide advice to project proponents to allow for better planning and procurement decisions. The vast majority of the infrastructure funding will still be delivered through traditional financial contributions through bilateral agreements or national programs. As such, many infrastructure projects will not need the bank.
I want to be clear. We will not impose the bank on any of our partners, but we will work with willing partners who think this can offer them additional value. The bank is just another tool in our tool kit that our partners can use to invest in the infrastructure they need.
The Government of Canada remains committed to building a fairer, more inclusive country that reflects the priorities of Canadians. We want to put an ambitious plan in place to grow the economy and to build healthier and more livable communities. We are already taking unprecedented action to invest in Canada, our communities, and Canadians. With these smart investments and a commitment to fairness, the government will ensure that Canada's best days are ahead.