Briefing

Canada Infrastructure Bank will speed up spending, new CEO says

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Ehren Cory said the Crown corporation will make new funding announcements on “a very regular basis” this year. It has paid out $1.7 billion of its $35 billion so far, with over $2.7 billion more allocated for financing to transit, ports and irrigation. (National Post)

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Talking point: The anticipated acceleration of the bank’s announcement cadence is partly thanks to a change in its approvals process last year. It no longer needs the finance department’s sign-off on individual projects; the federal government will now approve the agency’s plans by sector rather than approving each individual investment. The Crown corp. has been criticized for the pace and selection of its investments. Cory, brought in from Infrastructure Ontario in October 2020, also attributed long timelines to steps like environmental assessment and design.