Canadian Prime Minister Stephen Harper has outlined the key elements of the New Building Canada Fund, a C$14 billion (€9.3 billion; $12.8 billion) infrastructure fund to be invested over a period of 10 years, which will provide funding for national, regional and local infrastructure projects.
Of the C$14 billion, C$4 billion is set aside for national projects. Funding for these projects will not be allocated to provinces and territories but will be determined by project merit and in accordance with federal priorities, according to Infrastructure Canada, the government agency responsible for the country’s infrastructure programme.
Of the remaining C$10 billion, C$9 billion is set aside for national and regional projects, while C$1 billion will be dedicated to projects in communities of 100,000 residents or less.
In addition to the allocations, Harper also provided details regarding the project categories that would be eligible for funding, cost-sharing thresholds, and screening requirements for P3 projects of more than C$100 million.
“Our Government understands the vital importance of infrastructure and is proud to be implementing the largest long-term infrastructure plan in Canadian history,” Harper said in a statement, referring to the New Building Canada Plan, a C$53 billion, 10-year infrastructure investment programme.
The fund is just one component of the New Building Canada Plan, which also has a 10-year horizon and is set to launch this spring.
Other components of the Plan include the Community Improvement Fund, which will provide over C$32 billion to municipalities for roads, public transit, recreational facilities and other infrastructure; an additional C$1.25 billion in funding for the P3 Canada Fund; and C$6 billion in funding for existing infrastructure programmes.
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