Prime Minister Justin Trudeau on Thursday outlined a plan to spend $10 billion through the Canada Infrastructure Bank on infrastructure and clean technology projects that he says will create 60,000 jobs.
Trudeau laid out broad strokes of the new spending plan in a press conference alongside Infrastructure Minister Catherine McKenna and Michael Sabia, chair of the bank’s board.
“This plan alone will create about 60,000 jobs right across the country,” Trudeau said.
“With smart targeted investments, we can get people back on the job and grow the economy while building a safe, sustainable future for everyone.”
Trudeau said the three-year plan will focus on funnelling money into projects that can create jobs and build infrastructure in priority areas like clean power generation, zero-emission transit, broadband internet access, and irrigation infrastructure for farmers in Western Canada.
McKenna said the economic impact of the coronavirus pandemic shows the need to create jobs and projects that can draw investor capital from around the world, adding that investors are increasingly looking for opportunities in clean energy and infrastructure.
“It is a huge economic and jobs opportunity for Canada,” she said.
Sabia described the plan as the “top priority” for the bank going forward but acknowledged that the plan alone is not enough — it needs to be executed well.
“Today’s plan was carefully designed step by step by the Canada Infrastructure Bank. This plan is the result of meaningful, serious analysis of current and future problems. This plan is the real deal,” he said.
“We have a lot of work ahead of us in order to bring this plan to life … We know the quality of the plan rests on its execution.”