Prime Minister announces infrastructure plan to create jobs and grow the economy
Date Posted: 2020-10-02
Organization Name: Government of Canada
Canadians across the country are feeling the impacts of COVID-19, and the Government of Canada will continue to be there to offer support for those who need it.
Prime Minister Justin Trudeau has announced $10 billion in new major infrastructure initiatives to create jobs and economic growth. The Canada Infrastructure Bank’s (CIB) Growth Plan will help Canadians get back to work and is expected to create approximately 60,000 jobs across the country. The three-year plan will connect more households and small businesses to high-speed Internet, strengthen Canadian agriculture, and help build a low-carbon economy.
“By investing in infrastructure, we are strengthening our communities and ensuring good jobs for today and in the future,” Prime Minister Trudeau said. “We will continue to do what it takes to support Canadians through this crisis, safely get our economy back up and running, and get people back to work.”
The Growth Plan will invest in five major initiatives:
- $2.5 billion for clean power to support renewable generation and storage and to transmit clean electricity between provinces, territories, and regions, including to northern and Indigenous communities.
- $2 billion to connect approximately 750,000 homes and small businesses to broadband in underserved communities, so Canadians can better participate in the digital economy.
- $2 billion to invest in large-scale building retrofits to increase energy efficiency and help make communities more sustainable.
- $1.5 billion for agriculture irrigation projects to help the agriculture sector enhance production, strengthen Canada’s food security, and expand export opportunities.
- $1.5 billion to accelerate the adoption of zero-emission buses and charging infrastructure so Canadians can have cleaner commutes.
To accelerate the delivery of projects in which the CIB intends to invest, it will also allocate $500 million for project development and early construction works.
“Canada’s infrastructure plan invests in thousands of projects, creates jobs across the country, and builds stronger communities. The Canada Infrastructure Bank is critical to expanding Canada’s ambition by bringing in the private sector to get more infrastructure built,” said Minister of Infrastructure and Communities Catherine McKenna. “The Bank’s $10-billion Growth Plan, focused on investments in broadband, clean energy, retrofits and agricultural irrigation, will create 60,000 jobs, grow the economy and help build a low-carbon future.”
The announcement is part of the government’s campaign to create over one million jobs to rebuild from the pandemic, and our more than $180 billion commitment to invest in new infrastructure across Canada. The government will continue to focus on making investments to strengthen the middle class, create new jobs, and grow the economy, as we work together to fight COVID-19 and build a more resilient Canada.
“One of the defining features of the Canada Infrastructure Bank is attracting private investment to new infrastructure. Every dollar of public investment in these initiatives is intended to attract additional dollars from private and institutional investors,” said Michael Sabia, Chair of the Canada Infrastructure Bank. “In that way, the CIB can have bigger impacts that benefit Canadians and Canada’s economy. We will be moving forward quickly to implement the $10 billion Growth Plan and deliver results.”