Friday, March 16, 2018

Ontario strikes multi-billion-dollar deal with Canada on infrastructure

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The province of Ontario and the government of Canada have reached an agreement that will provide CA$11.8 billion (US$9.02 billion) toward infrastructure spending.

The two governments say the investments will create economic growth, sustain well-paying jobs, build inclusive communities and support a low carbon, green economy.

The funds will be provided through the Investing in Canada plan over the next decade and the projects supported through the agreement will have a total value of more than CA$31 billion (US$23.7 billion) and will be cost-shared with the Ontario government, municipalities and other partners.

This new funding will see the Government of Canada and the province of Ontario make unprecedented investments in public transit, green infrastructure, and recreational and cultural infrastructure. Ontario officials said the new funding agreement builds on the province's CA$190 billion (US$145.24 billion) commitment to infrastructure over 13 years.

The funding provided under the new agreement includes up to CA$660 million (US$504.53 million) for the Scarborough Subway Extension project in Toronto, which will be reviewed when formally submitted by the province. The Government of Ontario will continue to work closely with the City of Toronto on this project. The province has already committed to supporting it through previously approved public transit investment funding.

Additionally, this funding provided to Ontario includes almost CA$1.5 billion (US$1.15 billion) for the Ottawa Light Rail Transit Stage 2 project and the Port Lands Flood Protection and Enabling Infrastructure project in Toronto.

"At its core, infrastructure is about people, and our government is committed to ensuring that our unprecedented infrastructure investments work for everyone in Ontario. We have a responsibility to build the critical public infrastructure our province needs to maintain a strong economy and high standard of living," said Ontario Minister of Infrastructure Bob Chiarelli. "Every dollar invested in infrastructure is an investment in quality of life and in our economy."