The federal government’s decision to locate the new Canada Infrastructure Bank (CIB) in Toronto is an important and welcome step forward, according to the Canadian Council for Public-Private Partnerships (CCPPP).
The CIB will be responsible for investing at least $35 billion from the federal government into large infrastructure projects that will contribute to economic growth through loans, loan guarantees and equity investments.
As a global financial service centre with strong connections to the world’s leading financial hubs, including New York, Chicago and London, Toronto is also home to the largest concentration of players in the infrastructure industry—including being the headquarters of Infrastructure Ontario, an agency recognized globally for its best in class infrastructure procurement practices.
With the Bank’s location now confirmed, the important next steps of recruiting the Board Chair, its Directors and the CEO can move quickly ahead to ensure the bank is up and operational in the near future.
“Toronto provides the necessary supports to attract the preeminent, international talent and expertise needed to ensure the Canada Infrastructure Bank is successful” says Mark Romoff, CCPPP President and CEO. “The Council is optimistic that the bank will play a significant role in attracting more private capital while growing the pipeline of P3 projects across Canada.”
The Council and its members strongly support the government’s Long-Term Infrastructure Plan and initiatives now underway to provide Canadians with world-class infrastructure. The Infrastructure Bank has a strategic role to play in this plan.
About the Canadian Council for Public-Private Partnerships
Established in 1993, CCPPP is a national, non-partisan, member-based organization with broad representation from across the public and private sectors. Its mission is to promote smart, innovative and modern approaches to infrastructure development and service delivery through public-private partnerships with all levels of government. The Council is a proponent of evidence-based public policy in support of P3s, facilitates the adoption of international best practices, and educates stakeholders and the community on the economic and social benefits of public-private partnerships.