Liberal government to spend $ 10 billion on infrastructure to fuel economic recovery from pandemic

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The Liberal government is spending $ 10 billion on infrastructure initiatives such as broadband, clean energy and agricultural projects as part of its plan to spur growth and create a million jobs after the pandemic has hit the economy.Prime Minister Justin Trudeau and Minister of Infrastructure Catherine McKenna announce details of the Canada Infrastructure Bank (CIB) plan at a press conference at 11 a.m. ET, and CBCNews.ca broadcasts it in direct.

Trudeau said the three-year plan is expected to create 60,000 jobs.

“With smart, focused investments, we can get people back to work, grow the economy, while building a healthy and sustainable future for all,” he said.

The plan includes five major initiatives:

  • $ 2.5 billion for clean energy to support renewable generation and storage and to transport clean electricity between provinces, territories and regions, including northern and Indigenous communities
  • $ 2 billion to help connect approximately 750,000 homes and small businesses to broadband in underserved communities.
  • $ 2 billion for large-scale retrofits of energy efficient buildings.
  • $ 1.5 billion for agricultural irrigation projects to stimulate production, strengthen Canada’s food security and expand export opportunities.
  • $ 1.5 billion to accelerate the adoption of zero-emission buses and charging infrastructure.

The Liberal government’s throne speech promised to create over a million jobs to recover from the pandemic.

The $ 10 billion announced today is part of the IPC’s $ 35 billion federal investment pot.

McKenna said the pandemic created a time of crisis, but also an opportunity to rebuild with stronger, cleaner and more inclusive communities. She said the investments were in line with the federal vision to build clean, modern communities.

“Canada has the potential to be the low carbon economy to which global investors are committed,” she said.

CIB president Michael Sabia said the federal money is aimed at raising additional funds from private and institutional investors, stretching every public dollar to several.

“It’s a value for taxpayers,” he said.

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