Latest news with #InfrastructureBank
CTV News
10-07-2025
- Business
- CTV News
Canada Infrastructure Bank set to fall well short of 2028 investment target: PBO
Power transmission lines are seen with the Rocky Mountains in the background near Pincher Creek, Alta., on Thursday, June 6, 2024. THE CANADIAN PRESS/Jeff McIntosh OTTAWA — Parliament's fiscal watchdog says the Canada Infrastructure Bank is more than $20 billion short of its investment targets for the coming years. In a new report, the Office of the Parliamentary Budget Officer says the infrastructure bank is on track to disburse $14.9 billion by 2027/28 — well below its $35-billion goal. That sum is also $1 billion lower than earlier PBO projections from 2021. The bank invests alongside private and public sector partners to help get green energy and other infrastructure projects off the ground in Canada. The report says the infrastructure bank has already hit its goal of investing $1 billion in Indigenous-led projects. The infrastructure bank also has sector-specific investment goals for five priority areas, but the PBO says the Crown corporation is not on track to meet any of those targets either. --- Craig Lord, The Canadian Press This report by The Canadian Press was first published July 10, 2025.
Boston Globe
15-05-2025
- Business
- Boston Globe
With climate change our new reality, it's time to invest in a more resilient Rhody
As we celebrate Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up Thanks to the Rhode Island Using funding from recent voter-approved Advertisement These are all excellent investments, but the reality is the demand for limited resilience grant funding has greatly exceeded available resources. Indeed, the Infrastructure Bank typically receives funding requests from our cities and towns that are double and triple what is available through Municipal Resilience Program Action Grants. That is why we have introduced legislation at the General Assembly to create the The fund would work by creating a revolving source of low-interest loan financing for municipal resilience projects, similar to Rhode Island's Not only are resilient infrastructure improvements important to the basic functioning of our communities, they are also an excellent investment. According to a The time has come to move beyond planning for extreme weather events and to dedicate resources toward solutions. Our state has made real progress upgrading infrastructure to make it more resilient to the impacts of climate change, and now is the time to create a reliable, long-term source of funding so our cities and towns can build a Resilient Rhody. Advertisement James Diossa is Rhode Island's General Treasurer, Vahid Ownjazayeri is chair of the Rhode Island Infrastructure Bank's Board of Directors, and William Fazioli is the executive director of the Rhode Island Infrastructure Bank.
Globe and Mail
08-05-2025
- Business
- Globe and Mail
Canada Infrastructure Bank tops $1B in investments in Indigenous-led projects
The Canada Infrastructure Bank has surpassed $1-billion in funding for Indigenous projects and equity interests, and is now planning for more as the country contemplates the concept of energy corridors to bolster sovereignty, its chief executive officer says. Ottawa's $35-billion financing arm, established in 2017 to lead the charge in catching up on years of underfunding in infrastructure, is concentrating on developing projects in Indigenous communities and providing loans to allow First Nations, Métis and Inuit to participate in major developments. Of the 95 projects the CIB has funded to date, a quarter have Indigenous participation, CEO Ehren Cory said in an interview. Equity ownership is now seen as a necessity to get major infrastructure such as power transmission lines, clean energy projects, ports and roads built, he said. 'When you have alignment of stakeholders, we make incredible progress. We get big things done. When you don't, we get stuck for very long times,' Mr. Cory said. He said this is crucial as Ottawa and the provinces discuss energy infrastructure corridors. They are discussing the concept as a way to bolster the country's economic sovereignty amid a trade war with the U.S. Indigenous participation in economic developments is both key to reconciliation, but also a requirement to get the license to develop much-needed infrastructure, he said. The Crown corporation was set up to invest and attract private-sector capital into major projects, such as power lines, roads, clean energy development and housing. It has two financing streams to support Indigenous projects. One is for developments in First Nation, Métis and Inuit communities, where the infrastructure gap has been estimated at between $200-billion and $300-billion. The other provides financing allowing Indigenous groups to acquire equity stakes in large ventures located within traditional territories. This week, one of the projects in the CIB's portfolio – the $700-million Oneida Energy Storage Project in Ontario – began commercial operations. The development is Canada's largest such project, comprising 278 lithium-ion batteries. It is majority owned by Northland Power. Six Nations of the Grand River Development Corp., NRStor Inc., Aecon Concessions and Mississaugas of the Credit Business Corp., are partners. 'It really was triggered by the First Nations, who see clean energy as very aligned to their values – a chance to participate economically, but also in a way that they think is congruent for them. And they worked with the private sector, worked with us, to make that project happen,' Mr. Cory said. Is Ottawa's anti-greenwashing law helping or hurting Canadian companies? In March, CIB announced it had closed $217-million in equity financing to support construction of a 160-kilometre power line linking New Brunswick and Nova Scotia. As part of that, the CIB is offering an equity loan to Wskijinu'k Mtmo'taqnuow Agency Ltd., a partnership of the 13 Mi'kmaw First Nations in Nova Scotia. The financing will allow the group to gain an equity stake in the power line. The CIB is also in the planning stages of a number of projects in Canada's north involving housing and energy development, Mr. Cory said. Meanwhile, numerous provinces have announced calls for green power. On Monday, British Columbia Premier David Eby declared the province is turning to the private sector to expand its electricity supply, inviting billions of dollars worth of investments in wind and other renewable energy projects. Hillary Thatcher, the CIB's managing director of investments, said it is likely that many of the bids will be launched by companies and First Nations in partnership with Indigenous equity loans from the Crown corporation attached. 'So you're going to see a lot of these projects starting to actually get finalized and ready for shovels in the ground, which means that their financing will be completed with us,' Ms. Thatcher said. 'And so I think you'll see a lot more of that Indigenous direct equity lending happen as well over the next year, and actually most of these calls for power will close within the next year or two.' Within communities, the CIB is investing in projects, including real-estate developments, along with other organizations, including First Nations Bank of Canada. Last year, the two organizations struck a $100-million loan agreement to make it easier for Indigenous communities to borrow money to build homes, roads, water-treatment plants and other infrastructure. If a nation wants to build a hotel on its lands, for instance, CIB would fund site infrastructure, such as roads into the facility and parking, at a 1-per-cent financing rate, and FNBC would finance the building at market rates, FNBC CEO Bill Lomax said. 'The blended cost ends up being much lower for the nation,' Mr. Lomax said. This week, the CIB and FNBC announced a financing package worth more than $9-million to Castle Rock Enterprises LP to build a new operations facility in Whitehorse. Castle Rock Enterprises is a wholly owned entity by Dakwakada Capital Investments, which is the economic arm of the Champagne and Aishihik First Nations.
