Justin Trudeau releases $10 billion infrastructure plan for job creation and economic growth in Canada
As Canadians work toward economic recovery from the pandemic and begin to rebuild, the government will make investments in infrastructure that will create jobs for Canadians, build stronger communities, and make the economy more sustainable and resilient.
The Prime Minister, Justin Trudeau, announced $10 billion in new major infrastructure initiatives to create jobs and economic growth. The Canada Infrastructure Bank's (CIB) Growth Plan is expected to create approximately 60,000 jobs across the country. The three-year plan will connect more households and small businesses to high-speed Internet, strengthen Canadian agriculture, and help build a low-carbon economy.
The Growth Plan will invest in five major initiatives:
- $2.5 billion for clean power to support renewable generation and storage and to transmit clean electricity between provinces, territories, and regions, including to northern and Indigenous communities.
- $2 billion to connect approximately 750,000 homes and small businesses to broadband in underserved communities, so Canadians can better participate in the digital economy.
- $2 billion to invest in large-scale building retrofits to increase energy efficiency and help make communities more sustainable.
- $1.5 billion for agriculture irrigation projects to help the agriculture sector enhance production, strengthen Canada's food security, and expand export opportunities.
- $1.5 billion to accelerate the adoption of zero-emission buses and charging infrastructure so Canadians can have cleaner commutes.
To accelerate the delivery of projects in which the CIB intends to invest, it will also allocate $500 million for project development and early construction works. The announcement is part of the government's campaign to create over one million jobs to rebuild from the pandemic. The government will focus on making investments to strengthen the middle class, create new jobs, and grow the economy.
"By investing in infrastructure, we are strengthening our communities and ensuring good jobs for today and in the future. We will continue to do what it takes to support Canadians through this crisis, safely get our economy back up and running, and get people back to work," said Prime Minister Trudeau.
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