QUESTION PERIOD — Infrastructure and Communities
Infrastructure Bank
March 20, 2019
Honourable senators, my question is also for the Leader of the Government in the Senate, and it concerns the Canadian Infrastructure Bank. You will recall, Senator Harder, that with strong support from many senators, the bank was formed in June 2017. That was two years ago. According to the bank’s own strategy statement and the statements of its chair, the bank has, in that period of time, established a governance framework, established policies, launched its Toronto office, launched internal processes, attracted talent and built capacity in the important parts of its mandate.
The bank has made one investment in two years: an investment in rail in Quebec that was announced prior to the bank’s formation.
Senator Harder, the Boston Consulting Group indicates in a 2017 report that Canada’s infrastructure deficit is in the hundreds of billions of dollars and this unmet need for investment hinders our national economy.
Leader, can you advise us when the Canadian Infrastructure Bank will start investing in projects and not just investing in bureaucracy?
I thank the honourable senator for his question and for his concern about ensuring that all of the instruments of investment in infrastructure are appropriately robust and fulfilling their mandate.
I remind this chamber, as we pronounced on the law creating this bank, that we insisted that the bank be arm’s-length and independent. That is exactly what the bank is. Therefore, it doesn’t take direction from the government on specific investments or the pace of their work.
I will reference that the IMF, which is often cited as important governance guidance, has not only welcomed the creation of the bank but has said that it will be an effective instrument for achieving the infrastructure goals of the government.
With regard to the legitimate concern about the pace of project consideration and announcements, while I want to respect the independence of the bank, I also want to assure the senator that I will draw to the bank’s attention the concerns of this chamber that we respect that independence but also expect some results.
