Statement of Priorities and Accountabilities – Canada Infrastructure Bank (February 2026)

February 2026

Macky Tall
Chair of the Board of Directors
Canada Infrastructure Bank
150 King Street West
Toronto, Ontario M5H 1J9

Dear Macky Tall:

As Chair of the Canada Infrastructure Bank (CIB), you lead an institution that plays a critical role in delivering the infrastructure Canadians need today and for generations to come. Since its inception, the Bank has committed almost $18 billion across 106 projects, representing $54.4 billion in total value, including $24.3 billion from private and institutional partners. These results reflect the Bank’s growing impact and its ability to close investment gaps through innovative, partnership-driven approaches.

The Government of Canada is committed to delivering transformative infrastructure at a scale and pace not seen in decades. A core element of our strategy is attracting significant private capital to accelerate project delivery and make more efficient use of public dollars. The CIB has a proven track record of mobilizing private capital, accelerating project delivery, and stretching public dollars further to advance projects that might otherwise not proceed without its support. Budget 2025 reaffirmed the Bank’s central role in advancing infrastructure that delivers economic, social, and environmental benefits for Canadians, while also supporting broader national goals, such as strengthening domestic capabilities, advancing Indigenous reconciliation, and promoting Canadian materials and services.

To achieve these goals – subject to Parliamentary approval – the Government is proposing increasing the Bank’s capital envelope to $45 billion and broadening its investment mandates. The following outlines renewed government priorities and expectations, including new sectoral targets, to ensure the CIB is best positioned to deliver on its expanded mission.

Investment Priorities

The Bank should collaborate with Housing, Infrastructure and Communities Canada to support the delivery of the new Build Communities Strong Fund, including assessing regionally significant projects under the Fund’s direct delivery stream. The CIB should also collaborate with other federal partners to identify high-impact projects and ensure alignment with other federal tools, including the new Trade Diversification Corridors Fund, Arctic Infrastructure Fund and the First and Last Mile Fund.

Enabling infrastructure that unlocks housing supply provides access to safe, affordable, and adequate housing that is essential to individual and community well‑being, as well as broader economic and social outcomes. The Government of Canada is committed to addressing Canada’s housing challenges with urgency and ambition. The CIB can support this national effort by continuing to invest in this sector, including through partnerships with the new Build Canada Homes agency. These efforts should align with government priorities such as expanding affordable housing and supporting developments that facilitate the adoption of off-site and prefabricated construction methods and integrate low-carbon materials, energy efficiency, and climate mitigation and resilience in their design, implementation and/or operation. Over the long term, the CIB should target at least $10 billion in investments in housing-enabling infrastructure that achieve financial close, including the CIB’s previous investments in infrastructure to enable housing and transit.

Transportation and trade-enabling infrastructure is essential to building one Canadian economy, growing exports, and reducing reliance on any single trading partner. The CIB should continue investing in transportation and trade-enabling infrastructure such as ports, railway (including shortline railway), highways, airports, and logistics facilities. These investments should support the expansion of trade corridors and growth of all industrial sectors, including critical minerals. Given the strategic importance of critical minerals to Canada’s economic security, energy transition, and global competitiveness, investments in this sector should include the full infrastructure value chain from mine development (including mines) to enabling infrastructure needed to bring these resources to market. Additionally, any projects referred to the MPO where the CIB is investing should be counted towards this target where they do not naturally fit into other priority sectors.

The CIB should also broaden the scope of its investment in trade-enabling infrastructure to support agrifood, agriculture (including processing and manufacturing facilities), fisheries (including aquaculture and processing), and the broader food supply chain focusing on shared assets that enhance food system resiliency. Particular attention should be given to trade-exposed sectors affected by shifting export markets. It should target at least $15 billion in investments in trade and transportation infrastructure that achieve financial close, including in these expanded areas.

Clean energy is a cornerstone of Canada's path to net-zero and to supporting sustainable economic growth and long-term energy security. This priority sector combines elements of the previous clean power and green infrastructure sectors, maintaining their targets and reflecting the existing pipeline of investments to ensure continued momentum. The CIB has already made significant investments in clean power generation, transmission, distribution and storage, district energy, and zero‑emission vehicle infrastructure. Continued support should maintain a focus on GHG reductions by accelerating the deployment and use of clean power, carbon capture, utilization and sequestration, hydrogen and low-carbon fuels, decarbonizing large emitters and fostering innovation in clean energy systems, while continuing to support the adoption of zero emission vehicles and district energy. For greater clarity, this priority sector does not include fossil fuel projects. The CIB should target at least $20 billion in investments that achieve financial close across clean energy projects, including previous investments in building retrofits. As part of the national automotive strategy, the CIB should support the enhancement of Canada’s EV charging network by investing at least $1.5 billion through its Charging and Hydrogen Refueling Infrastructure Initiative.

Artificial Intelligence (AI) and digital infrastructure are rapidly becoming foundational drivers of global economic competitiveness, with far-reaching implications across the Canadian economy. Securing Canada’s leadership in this space requires not only world-class talent and research, but also the advanced infrastructure needed to scale and commercialize AI. Building on its broadband investments in rural and remote communities, the CIB should now prioritize next‑generation digital infrastructure including AI data centres and infrastructure, high‑speed networking and interconnects, and the physical operational management systems and energy systems that enable advanced data centres for AI. It also includes fiber-optic networks and communications satellites for more resilient and secure connectivity. The CIB should work closely with Innovation, Science and Economic Development Canada to align with the Government of Canada AI Strategy and target at least $5 billion in investments achieving financial close, including the CIB’s previous investments in broadband. Given the energy demands of AI systems, the CIB is also expected to use its clean energy mandate to support grid capacity and on-site generation, as appropriate.

Our government recognizes that Canada’s long-term prosperity depends on the successful delivery of large, transformational infrastructure that enhances productivity, strengthens supply chains, and supports a competitive, low-carbon economy. The Major Projects Office (MPO) was created to get major infrastructure projects built faster, and Budget 2025 signalled the Government’s intention for the MPO to help structure and coordinate financing, including through Crown corporations such as the CIB. The CIB should collaborate closely with the MPO and other federal organizations to align and prioritize investments in nation-building projects referred to the Office, regardless of sector or asset class, first seeking to maximize private capital and then applying the full extent of the Bank’s mandate, risk capacity, and available capital, to the extent required, to advance projects of national significance. This will serve to complement other federal support measures by enhancing the competitiveness of projects in key nation-building and strategic sectors.

In Budget 2025, the Government committed to apply a new strategic financing framework to help ensure that investments focus on nation-building priorities, move projects forward, and provide good value for taxpayers. In accordance with further guidance to be provided in the near future, the CIB should collaborate with the MPO and other financing Crown corporations to implement a unified process that improves coordination. The Bank should also work with my officials and the MPO to define clear success metrics for projects of national significance and those metrics should be published in the CIB’s 2026–27 Corporate Plan.

The sector targets above are intended to guide the Bank’s investment framework over time and reflect the fact that, as the Bank’s portfolio evolves and projects reach repayment or divestment stages, capital can be recycled into new opportunities, allowing it to target total investments beyond its statutory capital envelope. The Government recognizes that the rate of investment and disbursement in each sector will naturally fluctuate over time as markets evolve and projects are referred to the MPO. This approach ensures that the CIB continues to finance priority infrastructure within existing appropriations and continues to respond to government priorities while sustaining its impact over time without requiring constant increases to its capital base. Additionally, it should be clear that to accurately assess CIB’s success, the SPA targets are intended to be tracked against commitments rather than disbursements.

Other investment areas of interest will emerge over time. My officials will work closely with you and other departments to better understand and define potential opportunities, such as opportunities in sports infrastructure and infrastructure for post-secondary educational establishments.

Cross-Cutting Priorities and Guidance

In addition to the priorities outlined above, the Government expects the following considerations to be embedded in all aspects of the CIB’s investment planning and delivery. These cross-cutting priorities are designed to maximize the Bank’s impact, align with broader government objectives, and ensure its activities deliver lasting national benefits. They include:

• Infrastructure gaps in the North and Arctic are acute and often multi‑dimensional, affecting trade, energy security, community well-being, and sovereignty. The CIB should identify assets and market opportunity across all sectors in these regions, prioritizing dual-use infrastructure that serves both community needs, Indigenous land claim holders’ priorities and national strategic interests. This work should be coordinated with Northern and Indigenous partners, Crown-Indigenous Relations and Northern Affairs Canada and the Department of National Defence.
• The Government of Canada remains committed to working in true partnership with Indigenous Peoples. Building on its strong foundation in supporting infrastructure and services to Indigenous peoples and communities, the Bank should continue to prioritize infrastructure projects that are co-developed with Indigenous communities and aligned with First Nations, Inuit, and Métis priorities. Done well and supported by strong partnerships, these projects should generate long-term social and economic benefits that promote community buy‑in, benefit from Indigenous knowledge of the land and support sustained Indigenous ownership. The CIB should target at least $3 billion to support projects across its priority sectors in partnership and with benefit to Indigenous communities.
• As the global trade landscape shifts with new supply chain realities and changing markets redefining how countries invest and grow their economies, the Government is taking action to strengthen domestic capabilities, enhance economic resilience, and support Canadian industries through the Buy Canadian Policy. The Policy extends to federal departments, agencies, and is expected to be extended to Crown corporations and their subsidiaries, to leverage all procurement dollars available at the Government of Canada’s disposal. Furthermore, consistent with the letter I sent you in August 2025, the Government of Canada expects you to make best efforts to ensure that all of your activities (e.g., investments) have the greatest possible impacts on Canadian industry in a manner consistent with your mandate. Additional guidance on implementing the Buy Canadian Policy is expected to be provided at a later date.
• In today’s climate reality, building climate resilience into infrastructure is no longer optional – it is a standard that must be applied to every project. The CIB should ensure that all infrastructure projects it invests in, across all sectors, are designed and built to withstand current and future climate risks. We see the costs and impacts when resilience is not built in – transit systems shut down by flooding, power networks crippled by wildfires, and the loss of natural defences that protect communities from extreme weather. Embedding these considerations in projects will reduce long-term economic and social risks and help safeguard Canada’s infrastructure and communities for decades to come.

The CIB has played a catalytic role in launching investments in zero-emission buses, energy efficiency retrofits and broadband. The Government recognizes that these sectors continue to warrant investment and the CIB will continue to manage its portfolio of investments in this space.

In carrying out its investments, the CIB should continue to work closely with federal departments, agencies and Crown corporations to align priorities, share information, and identify opportunities for joint action. At the same time, it should strengthen its role as an advisor and centre of expertise. This should include supporting Build Canada Homes, as well as considering ways to support Indigenous organizations and smaller municipalities whose size may limit capacity to consider alternative financing arrangements, as well as the ability to attract private sector capital. These initiatives should be designed to increase adoption of revenue and partnership models so they may reap the benefits of alternative financing to deliver the infrastructure needed in their communities faster and at a lower cost. This approach will help unlock more projects and maximize the impact of the Bank’s investments for Canadians.

Continuing to maintain rigorous performance, results, and transparency will be even more important as the CIB scales its impact. A balanced scorecard should track key metrics such as private capital mobilized, economic growth benefits enabled, GHG emissions reduced, jobs created, and housing units enabled. Where feasible, results and impact data should be disaggregated by region to support monitoring and to guide government efforts toward meeting regional growth needs. To the extent possible, this information should be made publicly available to ensure transparency.

The Government has allocated $15 billion in net fiscal expense for the CIB within the fiscal framework. The CIB is expected to continue to manage its portfolio to advance infrastructure projects which might not otherwise be built. Its operations should align with the spirit and intent of the Comprehensive Expenditure Review (CER) consistent with the Government’s guidance to Crown Corporations and with the specific operating reductions proposed in the CIB’s Corporate Plan. I note the CIB’s planned 5 percent reduction in operating expenses (excluding project development and advisory services costs) in 2025-26, relative to the 2024-25 baseline, reaching 10 percent over the planning period. As the Bank’s revenue increasingly covers its operating expenses, reducing reliance on the Consolidated Revenue Fund, the CIB is expected to provide a detailed breakdown of its funding source for both operations and capital deployment in its quarterly reports. The Bank must manage its activities with fiscal discipline, pursue efficiencies, and reallocate resources toward high‑impact priorities while meeting CER targets. The CIB should also continue efforts to build a workforce reflective of Canada’s diversity and regional representations. Clear timelines and reporting processes should be embedded in the corporate plan to maintain strong accountability and alignment with government objectives.

As policy guidance gets further elaborated on, I expect to communicate with you to provide further details. In the meantime, I look forward to seeing how the CIB incorporates this guidance in its 2026-27 Corporate Plan. In doing so, the CIB is asked to define the asset classes within the identified sectors, outline the market opportunities, and propose capital allocation plans. I also remain committed to working with you to ensure the CIB Board remains at full complement, with the diversity and skills needed to provide strong governance and strategic direction.

Thank you to you, the Board, and all CIB staff for your continued dedication to delivering results for Canadians.

Sincerely,

The Honourable Gregor Robertson, P.C., M.P.
Minister of Housing and Infrastructure and Minister responsible for
Pacific Economic Development Canada

c.c. The Honourable François-Philippe Champagne, P.C., M.P.
Minister of Finance and National Revenue

The Honourable Evan Solomon, P.C., M.P.
Minister of Artificial Intelligence and Digital Innovation and
Minister responsible for the Federal Economic Development Agency for
Southern Ontario

Nick Leswick, Deputy Minister
Department of Finance Canada

Paul Halucha, Deputy Minister
Department of Housing, Infrastructure and Communities