Federal infrastructure bank to call Toronto home
Government expects the agency to be up and running by the end of the year.
OTTAWA — Canada’s largest city is getting itself a new resident this year: the headquarters of the federal government’s new infrastructure financing agency.
The Canada infrastructure bank will be located in Toronto, where its members will have easy access to investors in the city’s financial district whose dollars the Liberals need to make the agency a success.
The proposed bank would take $35 billion in government funding to entice private investment in projects like public transit systems, highways and electrical grids that generate revenues through user fees or tolls.
The Liberals predict they can leverage three or four times the federal investment in private dollars for projects in three key areas: trade corridors, green infrastructure and public transit.
The government expects the agency to be up and running by the end of the year.
The Liberals are also starting a search process to find a chair for the agency’s board of directors.