The Liberal government is spending $ 10 billion on infrastructure such as broadband, clean energy and agricultural projects – part of a plan to boost growth and create one million jobs after the pandemic hit the economy.
The details of the Canada Infrastructure Bank (CIB) plan were announced by Prime Minister Justin Trudeau and Infrastructure Minister Catherine McKenna at a news conference today and are being taken live by CBCinus.com.
Trudeau said he expects 60,000 jobs to be created in the three-year plan.
“With smart, targeted investment, we can bring people back to work and grow the economy by building a healthy, sustainable future for everyone,” he said.
The plan includes five major programs:
- 2.5 billion for clean energy to support renewable production and storage and to transmit clean electricity between provinces, territories and regions, including northern and indigenous communities.
- $ 2 billion to connect 750,000 homes and small businesses in low-service communities to broadband.
- $ 2 billion for large-scale energy efficient building retrofits.
- 1.5 billion for agricultural irrigation projects to increase production, strengthen Canada’s food security and expand export opportunities.
- $ 1.5 billion to receive zero-emission buses and charge for infrastructure.
The Liberal government’s throne speech promised to create more than tens of millions of jobs to rebuild from the epidemic.
The $ 10 billion announced today is part of CIB’s $ 35 billion in federal investments.
The Mahamma epidemic has created a time of crisis, but there is also the possibility of rebuilding with stronger, cleaner, more inclusive communities. She said investments to build clean, modern societies would go hand in hand with a federal vision.
“Canada has the potential to be a low-carbon economy where global investors are hitting a path,” she said.
CIB Chair Michael Zabia said federal funds are intended to raise extra money from private and institutional investors, expanding every public dollar exponentially.
“It’s worth it to taxpayers,” he said.