Government Operations committee  I don't have enough visibility of who their clients are to answer the question with—

Government Operations committee  I don't know. I don't know the full list of McKinsey clients, but we've lent money to, as I say, governments of all levels and private sector companies.

Government Operations committee  I am.

Government Operations committee  I would not. I would say we have made significant progress in the two years since I have joined the CIB. The testimony for the transportation committee happened in March 2021, just after I joined. That was nearly two years ago. Since that time, we have made real progress in getting infrastructure built in this country.

Government Operations committee  Yes.

Government Operations committee  To answer your question, 27 projects have reached financial close. That means there is a credit agreement, and we are lending them money. Of those, 19 are in active construction, so there are shovels in the ground and concrete is being laid. There are new buses on the road in Edmonton.

Government Operations committee  Infrastructure projects, by their definition, take time to engineer, design and build. I think the typical timeline one would see for a large infrastructure project is in the range of four to five years. The CIB has only existed for five years. In the REM project, which is our first investment, trains will be running later in the year.

Government Operations committee  I'm sorry. I'm not sure I understand the question.

Government Operations committee  Thanks for the question. Typically, an infrastructure project has a timeline somewhere in the range of five years. That's going quite quickly. They also last, I should say, for 50 to 100 years. These are long-term investments we're making in our country. However, an infrastructure project generally has a year to 18 months of design and engineering work to figure out the project.

Government Operations committee  Not to my knowledge. No.

Government Operations committee  It's an excellent question. Thank you. At the CIB, given that we're a Crown corporation, the critical thing to think about is that we take the policy of the government of the day. The priority sectors for investment come from government. For each of these things, such as clean power, green energy, broadband to homes, transit and transportation, and trade, we set clear outcome goals, such as tonnes of GHG emissions reduced or the number of new transit riders.

Government Operations committee  Actually, in our projects we're always working with some blend of public and private involvement. Sometimes it's a municipality. We've lent money to the City of Calgary or to the City of Brampton to buy new electric buses. That's us working directly with a municipality to share in the upfront cost of buying new electric buses and sharing in the risk that those buses will perform over the next decade in the way that we all expect them to.

Government Operations committee  To the best of my recollection, one.

Government Operations committee  Again, I don't remember figures, but I can tell you—

Government Operations committee  It was less than $1 million.