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Canada Infrastructure Bank Spending Outlook

PDF
Published on April 28, 2021 PDF

This report examines the current and projected status of the Canada Infrastructure Bank’s investment commitments and funding disbursements.


Communications

Quote

  • CIB has been spending much slower than planned, but funding delays are common for public-private infrastructure investment projects. Based on our analysis of comparable organizations, the CIB’s spending is progressing somewhat below the average rate – more slowly than Infrastructure Ontario and the Caisse de dépôt et placement, but more quickly than PPP Canada.

Yves Giroux
Parliamentary Budget Officer

News Release

{"id":14,"created_at":"2021-04-27T14:14:26-04:00","updated_at":"2021-04-28T08:59:07-04:00","slug":"COM-2122-014--canada-infrastructure-bank-unlikely-to-meet-spending-objectives-says-pbo--la-banque-de-linfrastructure-du-canada-natteindra-probablement-pas-ses-objectifs-de-depenses-selon-le-dpb","title_en":"Canada Infrastructure Bank unlikely to meet spending objectives, says PBO","title_fr":"La Banque de l\u2019infrastructure du Canada n\u0027atteindra probablement pas ses objectifs de d\u00e9penses, selon le DPB","body_en":"The Parliamentary Budget Officer (PBO) today released an analysis of the Canada Infrastructure Bank\u2019s (CIB) spending and investment commitments since its inception in 2017 as part of the Government\u2019s $187.8 billion Investing in Canada Plan.\n\nThe CIB was created to invest $35 billion into large, revenue generating infrastructure projects that are developed and delivered in partnership with public, private, and institutional investors and focus on the Government\u2019s priority areas. These priorities include public transit, green infrastructure, clean power, broadband, trade and transportation, and Indigenous communities.\n\nFour years into its mandate, funding is being disbursed by CIB much slower than planned. In the Canada Infrastructure Bank Spending Outlook, PBO estimates that CIB is unlikely to disburse $35 billion within its 11-year mandate, forecasting a shortfall of $19 billion. \n\nThe PBO finds that the CIB\u2019s funding delays may be due in part to policy choices. Nearly half of project submissions (189 projects) received to date fall outside the mandate the Government has assigned CIB because they are too small, lack a private or public sponsor, or are not in one of the priority areas. \n\nThe report also benchmarks the CIB\u2019s investment activity against other Canadian public organizations with a mandate to invest in infrastructure. \n\n\u201cCIB has been spending much slower than planned, but funding delays are common for public-private infrastructure investment projects\u201d, says PBO Yves Giroux. \u201cBased on our analysis of comparable organizations, the CIB\u2019s spending is progressing somewhat below the average rate \u2013 more slowly than Infrastructure Ontario and the Caisse de d\u00e9p\u00f4t et placement, but more quickly than PPP Canada.\u201d","body_fr":"Le directeur parlementaire du budget (DPB) a publi\u00e9 aujourd\u2019hui une analyse des d\u00e9penses et des engagements d\u2019investissement de la Banque de l\u2019infrastructure du Canada (BIC) depuis sa cr\u00e9ation en 2017 dans le cadre d\u2019Investir dans le Canada, un plan de 187,8 milliards de dollars, mis sur pied par le gouvernement. \n\nLa BIC a \u00e9t\u00e9 cr\u00e9\u00e9e pour investir 35 milliards de dollars dans de grands projets d\u2019infrastructure g\u00e9n\u00e9rateurs de revenus, con\u00e7us et mis en \u0153uvre en partenariat avec des investisseurs des secteurs public et priv\u00e9 et institutionnels et ax\u00e9s sur des secteurs prioritaires d\u00e9finis pas le gouvernement. Ces priorit\u00e9s sont notamment le transport en commun, l\u2019infrastructure verte, l\u2019\u00e9nergie propre, la large bande, le commerce et le transport, ainsi que les communaut\u00e9s autochtones.\n\nQuatre ans apr\u00e8s le d\u00e9but de son mandat, les fonds de la CIB sont d\u00e9bours\u00e9s beaucoup plus lentement que pr\u00e9vu. Selon le rapport Banque de l\u2019infrastructure du Canada \u2014 Perspectives des d\u00e9penses, le DPB estime qu\u0027il est peu probable que la BIC d\u00e9bourse 35 milliards de dollars au cours de son mandat de 11 ans, pr\u00e9voyant un manque \u00e0 gagner de 19 milliards de dollars.\n\nLe DPB est d\u2019avis que les retards de financement de la BIC peuvent \u00eatre en partie attribuables aux politiques choisies. Pr\u00e8s de la moiti\u00e9 des projets pr\u00e9sent\u00e9s \u00e0 ce jour (189 projets) ne rel\u00e8vent pas du mandat que le gouvernement a d\u00e9fini pour la BIC parce qu\u2019ils sont trop petits, qu\u2019ils n\u2019ont pas la participation d\u2019un promoteur public ou priv\u00e9 ou qu\u2019ils ne correspondent pas \u00e0 l\u2019un des secteurs prioritaires.\n\nLe rapport \u00e9tablit aussi une comparaison de l\u2019activit\u00e9 d\u2019investissement de la BIC avec des organisations publiques canadiennes investissant dans les infrastructures. \n\n\u00ab Les d\u00e9penses de la BIC sont beaucoup plus lentes que pr\u00e9vu, mais les retards de financement sont courants pour les projets d\u0027investissement en infrastructure public-priv\u00e9 \u00bb, d\u00e9clare le DPB Yves Giroux. \u00ab D\u2019apr\u00e8s notre analyse des organisations comparables, les d\u00e9caissements de la BIC progressent l\u00e9g\u00e8rement en dessous du taux moyen \u2013 plus lentement qu\u2019Infrastructure Ontario et la Caisse de d\u00e9p\u00f4t et placement, mais plus rapidement que PPP Canada. \u00bb","release_date":"2021-04-28T09:00:00-04:00","is_published":"2021-04-28T08:59:07-04:00","internal_id":"COM-2122-014","permalinks":{"en":{"website":"https:\/\/www.pbo-dpb.ca\/en\/blog\/news-releases--communiques-de-presse\/COM-2122-014--canada-infrastructure-bank-unlikely-to-meet-spending-objectives-says-pbo--la-banque-de-linfrastructure-du-canada-natteindra-probablement-pas-ses-objectifs-de-depenses-selon-le-dpb"},"fr":{"website":"https:\/\/www.pbo-dpb.ca\/fr\/blog\/news-releases--communiques-de-presse\/COM-2122-014--canada-infrastructure-bank-unlikely-to-meet-spending-objectives-says-pbo--la-banque-de-linfrastructure-du-canada-natteindra-probablement-pas-ses-objectifs-de-depenses-selon-le-dpb"}},"pivot":{"publication_id":96,"news_release_id":14}}