Prime Minister Justin Trudeau, Infrastructure Minister Catherine McKenna, and Canada Infrastructure Bank Chair Michael Sabia held a press conference from Parliament Hill on Thursday to announce a massive investment into Canadian infrastructure.
Trudeau announced a $10 billion infrastructure plan that will "create about 60,000 jobs," in the coming three years.
The three year growth plan will invest in everything from clean power, zero emission buses, broadband, and irrigation infrastructure for farmers.
The funding will come primarily from the infrastructure bank, which Trudeau explained "was created a number of years ago to fill a gap that we saw existing where we could actually draw in private investments into goods that were returning benefits to those investors. By putting forward $35 billion of federal money, we could actually draw in billions more in terms of private capital in things that do create returns for investors."
Trudeau's government launched the infrastructure bank in 2017, with an initial investment of $35 billion intended to be spent over the next decade.
The Canada Infrastructure Bank was always a Liberal slush fund to be raided at times of dire political need, not an arm-length investment bank serving the national interest ... and now Justin Trudeau has confirmed that #cdnpolipic.twitter.com/Plfvd4JoIM
— Pundit Class (@punditclass) October 1, 2020
The bank also funds things that do not provide financial return, such as daycares.
Infrastructure Minister Catherine McKenna said that the Canada Infrastructure Bank's new growth plan "will create 60,000 jobs across Canada" and "will support Canadian business, will grow the economy, and help build a low carbon future where Canada is more productive competitive."
$1.5 billion will be invested to enable Canadian farmers to grow more food here at home and around the world by irrigating 700,000 more acres of land, said Michael Sabia, the chair of the board of the Canada Infrastructure Bank.
Trudeau also announced that his government put into motion a bill this morning that would ban gay conversion therapy across Canada.
"Earlier this morning," said Trudeau, "our government introduced a bill to end conversion therapy," said Trudeau. "It's passed time to put a stop to this unacceptable, discredited practice that has hurt far too many LGBTQ2 Canadians,"
"Conversion therapy is harmful, degrading, and has no place in Canada. I hope all parties step up, come together, and support this bill," the prime minister continued.
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