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October 5, 2020

Canada Announces $10 Billion Infrastructure Plan

As Reuters reports, the Canadian government has announced that it will invest C$10 billion in infrastructure over three years in order to “help the country create jobs and recover from the economic slump caused by the coronavirus pandemic.” Prime Minister Justin Trudeau said, “With smart, targeted investments, we can get people back on the job and grow the economy, while building a healthy, sustainable future for everyone.”

The money will come from a pool managed by Canada Infrastructure Bank (CIB). The government estimates the plan will put 60,000 people to work.

According to Reuters, the investment will be divided as follows:

  • C$2.5 billion for clean power to support renewable generation and storage and to transmit clean electricity;
  • C$2 billion to connect approximately 750,000 homes and small businesses to broadband in under-served communities;
  • C$2 billion to invest in large-scale building retrofits to increase energy efficiency;
  • C$1.5 billion for agriculture irrigation projects to help enhance production;
  • C$1.5 billion to accelerate the adoption of zero-emission buses and charging infrastructure; and
  • C$500 million for project development and early construction works.

Click here to read the announcement from the  CIB.