Transport committee  It will give loans to a project. Your reference was to a builder.

Transport committee  The characterization is that this is a project that already has less public money in it than it otherwise would. The construct would be that the private sector partner is absorbing the—

Transport committee  It would only be within the confines of the structure of the infrastructure bank. It would be limited to that partnership agreement, and the exposure would be limited to that particular construct. In theory, whatever the infrastructure bank's debt or equity position is, that woul

Transport committee  The legislation in Bill C-44 lays out very clearly the governance structure, and who would appoint the first—

Transport committee  —chair. It's the government, the GIC, that will be appointing the initial chair and board of directors, continuously. It will appoint the first CEO. On a go-forward basis, the board will be nominating a CEO to the government, and the minister will be consulting with the board for

Transport committee  Yes.

Transport committee  Can you repeat the question? KPMG had a report. They've issued it. It's long over. That was last year. Is there some new piece of information? I'm sorry.

Transport committee  That's beyond my remit. I'm not sure that's relevant.

Transport committee  Generally speaking, not having reference to those numbers but I understand those numbers, they would be for an archetypal commercial transaction fully financed by the private sector. Therefore, they would be absorbing all the risk, and that would be the commercial-like returns ex

Transport committee  Unfortunately, there is no quick answer.

Transport committee  I must say, that was a sophisticated but entangled question. Infrastructure projects are about risk and they're about managing the risk, whether they're from the government steward or a constructor or a private sector. The P3 model is designed to manage a certain type of risk in

Transport committee  I'm sorry.

Transport committee  The infrastructure bank would not be in a position to give a loan to a particular party. The infrastructure bank is either providing a loan or equity into a project holding company, to which there may be a builder or other parties. The legal, robust contracts around a partnership

Transport committee  Thank you for that characterization. As a testament to our consultations, we have been talking to Nunavut in particular, and I'm being briefed on the Grays Bay project. You mentioned several years. Another motivation, a reason it was important to get the bank up and running soon

Transport committee  I understand. It was my understanding that the various bilateral monies the federal government is transferring to provinces and territories will help in some of that project development. Let me emphasize the point that, with the projects that come forward through the infrastruct