Canada Infrastructure Bank on track to be $20 billion short of 2028 investment target: PBO
The PBO expects disbursements by 2027-28 to come in two per cent lower — or $350 million less — than the CIB's most recent projections.
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Based on the pace of investments to date, the fiscal watchdog sees the infrastructure bank hitting its disbursement goal of $35 billion by 2034-35 — seven years after its deadline.
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The PBO says that, if it were using financial closes as the benchmark, it would predict the bank will hit that goal by 2029-30.
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A spokesperson for the CIB said in a media statement that the infrastructure bank has 'a lot to be proud of' so far. The CIB has now invested in 100 projects over its eight years in operation, with seven completed.
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The spokesperson noted that projects typically take three to five years of funding before completion, which is why the CIB's financial close figures will lag behind disbursements.
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Housing, Infrastructure and Communities Canada said in an emailed statement that the bank 'received statutory funding of $35 billion to increase investment in infrastructure in Canada, with no set timeline to commit these funds.'
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It said the bank 'issues capital to project owners progressively, according to project milestones determined in its contracts with recipients, and as such does not have set disbursement timelines.'
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The government's long-term infrastructure plan states the bank is 'responsible for delivering $35 billion on a cash basis over 11 years.'
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