Bill would allow Canada infrastructure bank to invest in cross-border projects
OTTAWA — A new federal agency designed to fuse public and private dollars to help build infrastructure in Canada could end up building new roads and bridges south of the border — so long as they connect to the Great White North.
The legislation for the Liberal government’s proposed infrastructure bank would allow the arm’s-length organization to use public money to help bankroll or financially backstop projects that are “in Canada or partly in Canada,” provided there’s a financial benefit and a physical connection to the country.
The wording means Ottawa could choose to fund projects with the potential to generate revenue for private investors or the government itself — toll roads or bridges, for instance, such as the Gordie Howe span between Windsor and Detroit, which is being financed with both private and public money.
“If in fact a vehicle like the bank can enable projects like that to go ahead more readily, then I think that’s positive,” said Mark Romoff, president and CEO of the Canadian Council for Public-Private Partnerships.