Trudeau is about to put Canadians against the wall.
Liberal government to spend $10B on infrastructure to fuel pandemic economic recovery
Conservatives say they would scrap Canada Infrastructure Bank, calling it a waste of money
October 01, 2020
Prime Minister Justin Trudeau and Infrastructure Minister Catherine McKenna announced $10 billion in infrastructure spending Thursday as part of the government's pandemic economic recovery strategy.(Justin Tang/The Canadian Press, Chris Wattie/Reuters)
The Liberal government today promised to spend $10 billion on infrastructure initiatives such as broadband, clean energy and agricultural projects — part of a plan to boost growth and create one million jobs after the pandemic pummelled the economy.
Prime Minister Justin Trudeau and Infrastructure Minister Catherine McKenna announced details of the three-year Canada Infrastructure Bank (CIB) plan during a news conference today. The government says it's expected to create 60,000 jobs.
"With smart, targeted investments, we can get people back on the job, grow the economy while building a healthy, sustainable future for everyone," Trudeau said.
The plan has five elements:
$2.5 billion for clean power to support renewable generation and storage and to transmit clean electricity between provinces, territories and regions, including northern and Indigenous communities.
$2 billion to help connect about 750,000 homes and small businesses to broadband in under-served communities.
$2 billion for large-scale energy efficient building retrofits.
$1.5 billion for agriculture irrigation projects to boost production, strengthen Canada's food security and expand export opportunities.
$1.5 billion to speed up the adoption of zero-emission buses and charging infrastructure.
The Liberal government's throne speech promised to create more than one million jobs to rebuild an economy knocked sideways by the pandemic.
The $10 billion announced today is part of the CIB's $35-billion pot for federal investments.
Scrap the bank: O'Toole
Conservative Leader Erin O'Toole said today he would scrap the infrastructure bank, calling it "nothing but a waste of taxpayer dollars." He said he would bring forward a different plan to create jobs and get projects built.
He accused Trudeau of making empty promises with a "Liberal re-announcement" and slammed the government's progress on infrastructure projects.
"Justin Trudeau's record on infrastructure is abysmal. In five years, the Liberals have failed to get money out the door and shovels in the ground," he said in a statement.
McKenna said the pandemic created a time of crisis, but also a time of opportunity to rebuild with stronger, cleaner, more inclusive communities. She said the investments align with the federal vision to build clean, modern communities.
"Canada has an opportunity to be the low-carbon economy that global investors beat a path to," she said.
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CIB chair Michael Sabia said the federal funding is meant to leverage additional money from private and institutional investors, stretching each public dollar into several.
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