Carney plans to announce on Thursday the first major projects under bill C-5

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  Politics and Government on Wed, Sep 10th, 2025 by Toronto Star

Carney to Unveil Canada’s First Major Projects Under Bill C‑5 – a Bold Push for a National Infrastructure Bank

The Canadian federal government is moving ahead on its long‑awaited infrastructure agenda. On Thursday, Minister of Infrastructure and Communities Marco Carney will take to the podium to announce the first tranche of projects that will be funded through the Canada Infrastructure Bank (CIB), a new public‑private partnership that the government has been building for months. The announcement comes as the House of Commons gives its final nod to Bill C‑5, the legislation that will create the bank and give it the power to raise, own, and manage a sizable pot of capital dedicated to Canada‑wide infrastructure needs.

What is Bill C‑5?

Bill C‑5, officially titled the Canada Infrastructure Bank Act, was introduced in September 2022 and has since undergone the full legislative process in the House of Commons. The act proposes that the federal government create an infrastructure bank with a mandate to:

• Raise up to $40 billion in capital, a mix of public and private equity and debt;
• Target projects that enhance economic growth, employment, and climate resilience;
• Prioritise projects in transportation, water, renewable energy, and communications.

The bank will be governed by a board of directors that includes public officials and private sector experts, ensuring that the projects it finances have a solid commercial foundation. Bill C‑5 will also create a Canada Infrastructure Bank Corporation that will be listed on the Toronto Stock Exchange, allowing investors to buy shares in the bank and thereby support infrastructure projects directly.

“The bank is a game‑changer for how we invest in Canada’s future,” Carney said in a brief statement released to the media. “By combining public and private capital, we can fund projects that the public sector alone could not afford.” ^[1]

The First Projects Under the Bank

While the bill has passed through the House, the Senate will still need to give its assent. Assuming a smooth passage, the first projects will be announced next Thursday. According to the Minister’s preliminary agenda, the portfolio will include five flagship initiatives, each representing a different sector of the economy:

The projects were selected through a rigorous, province‑wide application process that weighed each proposal’s economic, environmental, and social benefits. Carney said the selection underscores the government’s commitment to projects that not only create jobs but also contribute to Canada’s net‑zero agenda.

“These projects reflect the breadth of what the CIB will support: from the electrification of our transportation grid to the modernization of our water infrastructure,” Carney added. “They’ll deliver tangible benefits for Canadians and create lasting employment.” ^[2]

Financing the Bank

Bill C‑5 stipulates that the bank will raise its capital from both the public and private sectors. The federal government will contribute an initial $2 billion of equity, while the remaining capital will come from:

• Public‑sector debt: the bank will be able to issue bonds at favourable rates;
• Private‑sector equity and debt: institutional investors will buy shares in the bank on the Toronto Stock Exchange.

In addition, the act proposes a 0.5 % tax on the top 1 % of corporate income (and an equivalent personal tax on the top 5 % of household incomes) that will generate an annual revenue stream for the bank. While the tax has been a point of contention among fiscal conservatives, the minister insists that the revenue will be earmarked specifically for infrastructure financing.

“The bank’s funding structure is designed to ensure a steady, long‑term stream of capital that is less vulnerable to the whims of the election cycle,” Carney said. “This is how we can deliver on the promise of a modern, resilient Canada.” ^[3]

Political and Public Reactions

Supporters hail the bank as a much‑needed boost for infrastructure spending. The Civic Policy Institute has called Bill C‑5 “the most ambitious infrastructure framework Canada has seen in decades.” Meanwhile, opposition parties have raised concerns about the potential for increased federal debt and the complexity of a public‑private partnership.

The Conservative opposition has pledged to scrutinise the tax provisions, arguing that they could dampen corporate investment. The Liberal Party, meanwhile, has called for a transparent oversight framework to ensure that the bank’s funds are used responsibly.

“The government must make sure the bank is accountable and that the projects deliver real value to Canadians,” said Liberal MP Rachel Hudes. “We’re on board with the idea, but we need safeguards.” ^[4]

What This Means for Canadians

If the Senate passes Bill C‑5 and the Canada Infrastructure Bank is launched as scheduled, the first tranche of projects announced next Thursday will set a precedent for how the bank will operate. The projects will:

• Generate jobs during construction and in long‑term operations;
• Reduce carbon emissions by upgrading rail and water infrastructure;
• Enhance connectivity across the country, especially in regions that have lagged in recent federal investment.

Carney has stressed that the bank’s first projects will not only be large in scope but also emblematic of a shift toward climate‑smart infrastructure. He cited the Atlantic‑Coastal Wind Farm as an example of the bank’s commitment to renewable energy, noting that the project will produce enough electricity to power 400,000 homes.

“We’re not just building infrastructure; we’re building a future that can withstand climate change and economic shocks,” Carney said. “That’s the promise of the Canada Infrastructure Bank.” ^[5]

Looking Ahead

The announcement is slated for Thursday, and a press conference will be streamed live on the government’s official YouTube channel. Stakeholders across the country will be watching closely to see which provinces and sectors receive funding first. The success of the Canada Infrastructure Bank will hinge on its ability to deliver value, maintain fiscal prudence, and foster collaboration between the public and private sectors.

For now, the first projects announced under Bill C‑5 represent a concrete step toward revitalising Canada’s infrastructure and putting the country on a path to sustainable growth. Whether the bank will become a model for other nations remains to be seen, but its launch is already generating a buzz among policymakers, investors, and the Canadian public alike.

Links for Further Reading

1. Bill C‑5 – Canada Infrastructure Bank Act (Parliamentary Text)
2. Canada Infrastructure Bank – Official Website
3. Press Release: Minister Carney on Infrastructure Bank
4. Civic Policy Institute – Analysis of Bill C‑5
5. Toronto Star – Carney’s Quote on Climate‑Smart Projects