The CIB, despite what critics derided as a slow start, has financing in place and due diligence completed for 42 of its investment commitments
Five years after the Canada Infrastructure Bank hired its first employee, the Crown agency is nearing a milestone, with almost $10-billion in investment commitments. And it is starting to answer critics who have said it has been too slow to get off the ground. added $2.5-billion in investment commitments in the fiscal year that ended March 31, bringing its cumulative total to $9.7-billion, according to financial results released this week. Forty-two of its commitments, totalling $9.
Mr. Cory, who took the helm at the CIB in 2020 after leaving a previous role as president and CEO of Infrastructure Ontario, is under no illusions about how thorny and time-consuming it can be to get large infrastructure projects off the ground – or how impatient policy makers, politicians and investors can be after decades of under-investment in Canadian infrastructure.
“The CIB was not out hunting for shovel-ready projects,” he said. “In fact we’re the antithesis of that. We’re looking for projects that are stuck, that are blocked and they need unsticking.”
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