The government’s Infrastructure Bank, launched in 2017 with $35 billion in it, still hasn’t got a single project off the ground..Infrastructure Minister Catherine McKenna on Thursday pledged to do better said Blacklock’s Reporter. The Bank, headquartered in Toronto, had three CEOs and two board chairs in the past year..“Projects don’t get built in a day,” McKenna told the Commons transport committee..The Bank was intended to guarantee financing for private sector investors in public works. McKenna would not say how much private funding has been pledged to date..“You haven’t got it done,” said Conservative MP Andrew Scheer (Regina Qu’Appelle)..“That’s the problem. You’ve got zero projects completed.”.“This idea that large projects take time, of course you’re right Minister. There’s no argument there. There’s no argument that it takes more than just a few days or a couple of weeks to get a large infrastructure project built. But surely to goodness you can agree that in four years the Bank should have something to show for it.”.“I am also looking to see projects going ahead,” replied McKenna..“My measure for success is that we get more and better infrastructure built for Canadians”:.Minister McKenna: “This is about more infrastructure.”MP Scheer: “You’ve got zero completed.”Minister McKenna: “This is about better infrastructure.”MP Scheer: “Zero cannot be more.”.Cabinet in Inquiries Of Ministry tabled in the Commons indicated the Bank last year spent $145,257 on marketing and communications and approved seven-figure bonuses for executives. Actual pay to individual managers has not been disclosed to date..“The Bank is advancing on a whole range of projects,” said McKenna:.“It’s not just about bringing in the private sector, it’s actually getting good projects built in the public interest. That’s why we’ve got the Bank, because we can actually get more infrastructure built.”.“But in fairness you haven’t gotten any built,” replied MP Scheer..“This Bank has been around for almost four years now, you’ve completed zero projects..“This was supposed to be a marquee institution. This was a marquee project. This was the Prime Minister’s brilliant new innovative way to build the country..“Your government, your ministers, your CEOs at the Bank have all made amazing claims that the $35 billion the Infrastructure Bank has, taxpayers’ money, would be able to unlock two times, four times, even seven times the investment from the private sector.”.The transport committee voted to launch hearings following the abrupt resignation last April 15 of Pierre Lavallée, the Bank’s CEO. Lavallée was paid $600,000 and was eligible for “short term and long term incentive awards” worth up to $1.1 million a year..MPs earlier tried and failed to summon Lavallée for questioning at committee hearings..“Nothing is really public at all about it,” said Conservative MP Matt Jeneroux (Edmonton Riverbend)..Dave Naylor is the News Editor of the Western Standard.dnaylor@westernstandardonline.com.Twitter.com/nobby7694
The government’s Infrastructure Bank, launched in 2017 with $35 billion in it, still hasn’t got a single project off the ground..Infrastructure Minister Catherine McKenna on Thursday pledged to do better said Blacklock’s Reporter. The Bank, headquartered in Toronto, had three CEOs and two board chairs in the past year..“Projects don’t get built in a day,” McKenna told the Commons transport committee..The Bank was intended to guarantee financing for private sector investors in public works. McKenna would not say how much private funding has been pledged to date..“You haven’t got it done,” said Conservative MP Andrew Scheer (Regina Qu’Appelle)..“That’s the problem. You’ve got zero projects completed.”.“This idea that large projects take time, of course you’re right Minister. There’s no argument there. There’s no argument that it takes more than just a few days or a couple of weeks to get a large infrastructure project built. But surely to goodness you can agree that in four years the Bank should have something to show for it.”.“I am also looking to see projects going ahead,” replied McKenna..“My measure for success is that we get more and better infrastructure built for Canadians”:.Minister McKenna: “This is about more infrastructure.”MP Scheer: “You’ve got zero completed.”Minister McKenna: “This is about better infrastructure.”MP Scheer: “Zero cannot be more.”.Cabinet in Inquiries Of Ministry tabled in the Commons indicated the Bank last year spent $145,257 on marketing and communications and approved seven-figure bonuses for executives. Actual pay to individual managers has not been disclosed to date..“The Bank is advancing on a whole range of projects,” said McKenna:.“It’s not just about bringing in the private sector, it’s actually getting good projects built in the public interest. That’s why we’ve got the Bank, because we can actually get more infrastructure built.”.“But in fairness you haven’t gotten any built,” replied MP Scheer..“This Bank has been around for almost four years now, you’ve completed zero projects..“This was supposed to be a marquee institution. This was a marquee project. This was the Prime Minister’s brilliant new innovative way to build the country..“Your government, your ministers, your CEOs at the Bank have all made amazing claims that the $35 billion the Infrastructure Bank has, taxpayers’ money, would be able to unlock two times, four times, even seven times the investment from the private sector.”.The transport committee voted to launch hearings following the abrupt resignation last April 15 of Pierre Lavallée, the Bank’s CEO. Lavallée was paid $600,000 and was eligible for “short term and long term incentive awards” worth up to $1.1 million a year..MPs earlier tried and failed to summon Lavallée for questioning at committee hearings..“Nothing is really public at all about it,” said Conservative MP Matt Jeneroux (Edmonton Riverbend)..Dave Naylor is the News Editor of the Western Standard.dnaylor@westernstandardonline.com.Twitter.com/nobby7694
