Regina, SK – The House of Commons Transportation Committee has called on the government to cancel the wasteful, expensive, and inefficient Canada Infrastructure Bank.
Tabled in Ottawa yesterday, the report proves that the Bank has been an absolute failure and the committee is recommending abolishment instead of trying to fix it.
“Back in 2017, this was the Liberals’ marquee infrastructure project. The Prime Minister’s bright and brilliant new way to build the country. They hosted fancy events to brag about how successful it would be,” said Andrew Scheer, the Conservative Shadow Minister for Infrastructure.
“The Liberal government, cabinet ministers, and even the CEOs of the Bank have all made amazing claims that the $35 billion of taxpayers money at the Infrastructure Bank would be able to unlock two times, four times, even seven times the investment from the private sector,” said Scheer.
“Yet, despite these claims from the Liberals, the Parliamentary Budget Officer has confirmed that the Canada Infrastructure Bank has received no private sector investment. It has completed zero projects, paid out massive bonuses to failed CEO’s and is a complete waste of money,”
The committee based its recommendations on key testimony from stakeholders directly involved in infrastructure projects across the country. The committee was told that the Bank was plagued with problems around inefficiency, lack of transparency and the inability to secure private sector investment.
The Liberal government continues to defend the Bank, despite the long list of failures. In fact, despite the expert testimony outlining the Bank’s continued inability to complete a single project, Liberal MPs at committee have called on the government to continue to pour money into the department.
“The Liberals claimed that the Infrastructure Bank would get more projects built. Zero cannot be more,” Scheer concluded.