Infrastructure Canada and the regional government for British Columbia have committed a combined C$87 million ($64.7 million; €92.74 million) to finance 26 infrastructure projects in small communities throughout the province.
The federal and regional funding amounts to around C$43.5 million each, allocated through the Small Communities Fund. The fund is a partnership that provides financing for public infrastructure projects in communities across British Columbia with populations below 100,000.
A joint statement said the funding will focus on green energy, waste management, drinking water, transportation and broadband projects.
“When public infrastructure in many of our smaller communities is in need of repair or upgrade, the high costs associated are often difficult for a community alone to bear,” British Columbia’s transportation and infrastructure minister Todd Stone said. “However, when senior levels of government act together, we can facilitate these important infrastructure improvements and build stronger communities throughout [British Columbia].”
Already home to one of the most active public-private partnership markets in the world, Infrastructure Canada is currently in the process of launching the country’s first national infrastructure bank to help finance public works projects with the help of private sector capital.
The Canada Infrastructure Bank was proposed in the federal government’s Fall Economic Statement as a way to make investments in revenue-generating infrastructure projects. Infrastructure Canada has proposed investing C$35 billion from the federal government to help mobilise private investors to participate in developments.