TORONTO — Ontario is proposing to launch its own infrastructure bank – with an initial $3 billion in public funding – in order to help foot the bill for long-term care homes and transportation projects, as slowing economic growth has the province sin
The Ontario Infrastructure Bank, announced Thursday in the province's fall economic statement, would be an arms-length agency enabling pension plans and other institutional investors to help fund what the province says is an infrastructure deficit.
"Canada is renowned for one of the strongest pension systems in the world, including the Maple Eight, the largest funds in Canada and some of the most influential investors in the world. We’ve heard from these funds that they are looking for more opportunities to invest workers’ savings in Canada." The fiscal update also shows a larger deficit for this fiscal year, and has the province delaying its path to balance by a year.
"High inflation and the Bank of Canada’s rapid interest rate increases are weighing on Ontario’s outlook for the remainder of this year, and into the next," Bethlenfalvy said.
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