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Building Canada Fund to invest $14 Billion in infrastructure projects over 10 years

OTHER NEWS AFFECTING PROJECTS & PM

18 April 2013 – Ottawa, Canada – The Canadian government’s Economic Action Plan 2013 proposes to provide $14 billion over 10 years for a new Building Canada Fund to support infrastructure projects of national, regional and local significance.  Building Canada Fund will provide money for roads, bridges, subways, commuter rail and other public infrastructure in cooperation with provinces, territories and municipalities.

canada-buildingAccording to their announcement, new construction and infrastructure projects are key enablers for economic growth and job creation. New investments will focus on projects that promote productivity and economic growth, such as highways and public transit, and are designed to capitalize on innovative approaches, such as public-private partnerships.

The new Building Canada Fund will have two components:

  • A $4-billion National Infrastructure Component that will support investments in projects of national significance, particularly those that support job creation, economic growth and productivity, such as highways, public transit, and gateway and trade corridor-related infrastructure. Investments in disaster mitigation infrastructure projects will also be eligible. Funding under the National Infrastructure Component will be allocated to projects on a merit basis.
  • A $10-billion Provincial-Territorial Infrastructure Component that will support projects of national, regional and local significance in communities across the country in a broader range of categories including highways, public transit, drinking water, wastewater, connectivity and broadband, and innovation (including infrastructure at post-secondary institutions that supports advanced research and teaching). This component will include base funding for each province and territory; details on provincial and territorial funding allocations will be announced in the near future.

The Minister of Transport, Infrastructure and Communities will work on outstanding program parameters with the Federation of Canadian Municipalities and other stakeholders for the new Building Canada Fund and will announce details later this year.

For information about the Building Canada Fund, go to http://actionplan.gc.ca/en/initiative/building-canada-fund 

For more about Canada’s Economic Action Plan 2013, visit http://actionplan.gc.ca/en.