Liberals to close PPP Canada after new infrastructure bank opens - InfoNews

Current Conditions

Mostly Cloudy

Liberals to close PPP Canada after new infrastructure bank opens

November 03, 2017 - 10:22 AM

OTTAWA - A federal agency that prodded governments to partner with the private sector on large construction projects is set to close as the Liberals prepare to launch their new infrastructure financing agency.

The Liberals say PPP Canada will wind down its operations over the coming months and cease to exist at the end of March, which is also the end of the federal government's fiscal year.

PPP Canada has been slowly letting people go, with former employees now holding jobs at Infrastructure Canada, other public agencies, or the private sector.

The Crown corporation spent $1.3 billion to help 25 large projects across the country.

Nine are complete and still require some form of federal advisory function.

The remaining 16 are under construction with oversight being shifted to Infrastructure Canada.

Officials began planning to close the eight-year-old agency when the Liberals first announced plans for a new infrastructure bank that will use public funds to leverage private dollars to build more bridges, highways, water and transit systems that can turn a profit for investors.

The bank is scheduled to be up and running by the end of the calendar year.

News from © The Canadian Press, 2017
The Canadian Press

  • Popular penticton News
  • Comments
  • Police search for missing Kelowna woman
    KELOWNA - Kelowna RCMP are asking for the public's help in finding a missing 27-year-old woman. RCMP say Joenna Saunders was last heard from on Nov. 27. She was reported missing on Dec.
  • Girl opens Christmas present she gave to boy when she dumped him in 1971
    ST. ALBERT, Alta. - A man in Edmonton who made international headlines for holding onto a wrapped Christmas gift from a high-school girlfriend who dumped him nearly 50 years ago finally learned wh
  • Water quality advisory in effect in North Okanagan
    NORTH OKANAGAN - The district has issued a water quality advisory for the North Okanagan. The Regional District of North Okanagan Silver Star Water Utility in conjunction with Interior Healt
  • Kamloops Fire Rescue respond to McDonalds deep fryer fire
    KAMLOOPS - A Kamloops McDonalds was temporarily closed last night due to a small deep fryer fire. Kamloops Fire Rescue arrived at the McDonalds location in Sahali at about 11:30 p.m. last ni
  • Vernon fast food restaurant held up by man with syringe
    VERNON - RCMP are on the hunt for a suspect after a robbery at a Vernon restaurant earlier this week. A man threatened staff with an allegedly contaminated needle on Wednesday, Dec. 5, at Wr
View Site in: Desktop | Mobile