The Government of Ontario has initiated plans to launch the Ontario Infrastructure Bank as it seeks to attract institutional investment.
Unveiled in the government’s fall statement, the new bank will target projects in transportation, energy, and social sectors, with municipal buildings, care homes, and housing set to feature.
The government is proposing C$3bn in funding for the entity that it says will “attract capital to help build essential infrastructure that would not otherwise get built.”
According to the statement, the arms-length, board-governed agency will enable public-sector pension plans, other trusted institutional investors, and Indigenous communities to further participate in large-scale infrastructure projects across the province, adding that it will "work closely" with Infrastructure Ontario.
“Ontario taxpayers alone cannot fund the infrastructure the province needs,” said the government. “As the government moves forward with Ontario’s Plan to Build, it is looking at new ways to attract trusted Canadian institutional investors to help build essential infrastructure.”
Timelines for IO’s current projects remain unchanged, added the government.
The full Fall statement can be found here.