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Premier Jason Kenney announced the investment today, alongside Minister of Agriculture and Forestry Devin Dreeshen and Minister of Infrastructure Prasad Panda.
The investment will be used to modernize and build new irrigation infrastructure as well as increase water storage capacity across the province. Premier Kenney said the investment is expected to create 1,300 new immediate construction jobs.
The CIB will support the investment with a loan of CA$407.5m, over a 35-year term at 1% interest, to Alberta’s irrigation districts.
Premier Kenney added that the investment represents the first project under the Canadian government's recently announced CA$10bn infrastructure plan.
In June this year, the CIB and the Government of Alberta’s Ministry of Transportation (Alberta Transportation) signed a Memorandum of Understanding (MOU) to complete studies and due diligence for the Calgary-Banff Rail project.
The MOU confirms the CIB will collaborate with Alberta Transportation to review the project’s estimated costs and revenues, explore financing options and assess environmental, social and economic benefits prior to any potential investment decision by the CIB.
The Calgary-Banff Rail project is a new, 130km sustainable passenger rail service that would potentially include six stops along a dedicated line built within the existing Canadian Pacific Railway’s corridor.