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