Transport Committee on Aug. 1st, 2025

[Ehren Cory]

Of course.

That's very interesting. However, we are not invited to those meetings, which makes sense since we do not own the infrastructure. Our borrowers, such as the Montreal airport, the Port of Montreal and the Port of Vancouver, are the ones who will be attending those meetings.

That makes perfect sense, because if they have criteria to build Canadian, that's great. Our loans will support those partners.

I only say that I think it's actually appropriate. That is really about the owners of infrastructure aligning around buying Canadian, if that's the mandate.

[The Chair, Liberal, Peter Schiefke]

Thank you, Mr. Lauzon.

Thank you very much once again, Mr. Cory.

Mr. Barsalou‑Duval, you have two and a half minutes.

[Xavier Barsalou-Duval, Bloc, Pierre-Boucher—Les Patriotes—Verchères, QC]

Thank you, Mr. Chair.

Mr. Cory, I want to circle back to where we were earlier. The July 16 Canada Infrastructure Bank press release announcing a $1-billion loan to modernize Montreal airport facilities included a statement from the Minister of Housing and Infrastructure. However, the June 26 press release announcing a $1-billion loan to BC Ferries to build ships in China did not include a statement from the minister.

Perhaps I don't understand how it works, but how do you decide whether to include a statement from the minister in an announcement?

[Ehren Cory]

I appreciate the question, but I don't have a specific answer. I'm sorry. That's not something I'm involved in, typically.

[Xavier Barsalou-Duval, Bloc, Pierre-Boucher—Les Patriotes—Verchères, QC]

These are your projects, it's your money. You must know how decisions are made about whether or not a statement will be included in a press release, since you are the one publishing it.

[Ehren Cory]

The general answer is that on each one of our projects we make an announcement, and our communication team works with the project owner.

That could be the Montreal airport, BC Ferries or anyone else.

Together we decide if it is a public announcement in person or a press release, and we solicit any kind of supportive commentary from anyone who wants to provide a comment.

[Xavier Barsalou-Duval, Bloc, Pierre-Boucher—Les Patriotes—Verchères, QC]

I imagine you notify the government and ask whether it wants to provide a statement as part of the announcement or would like to be present. There is a bit of ambiguity there; the Canada Infrastructure Bank is said to be independent, yet the government is there when it suits them and not there when it doesn't. I assume that in this case it didn't suit the government, but it seems that you weren't told that, even though it was said to the committee.

Even if your decisions don't suit the government, it doesn't have the power to overturn them. Is that correct?

[Ehren Cory]

Well, as you heard from the minister, the CIB operates as an arm's-length Crown corporation. We have a board; the board is appointed by the minister, and I'm appointed by the board, and we, of course, have governance.

To answer your question, the government is the shareholder.

That's all.

I will also say that what the bank does is sign binding commercial contracts, loan agreements, so I think it would be inappropriate for the government to.... It has lots of control over the CIB. It provides mandate direction to us, but that's different from cancelling—

[Xavier Barsalou-Duval, Bloc, Pierre-Boucher—Les Patriotes—Verchères, QC]

Your decisions are therefore made unilaterally, and you then present the government with a done deal.

[Ehren Cory]

That's a great question. Thank you. Maybe I'll answer it this way.

Each year the CIB submits a corporate plan. It outlines areas of investment we will make, for example ports, or ferries and other transit. We outline the classes of infrastructure. Government approves that corporate plan, and government, actually, through the mandate letter or the statement of priorities and accountability letter I get from Minister Robertson each year, tells us if it has new priorities. For instance, nuclear was not on our list of things to invest in in 2021. The government directed us—

[Xavier Barsalou-Duval, Bloc, Pierre-Boucher—Les Patriotes—Verchères, QC]

About the loan to BC Ferries—

[The Chair, Liberal, Peter Schiefke]

Unfortunately, you are out of time, Mr. Barsalou‑Duval.

[Xavier Barsalou-Duval, Bloc, Pierre-Boucher—Les Patriotes—Verchères, QC]

—Ms. Freeland and Mr. Robertson both said that they found it unacceptable, yet you went ahead with it anyway.

[The Chair, Liberal, Peter Schiefke]

Mr. Barsalou‑Duval, your time is up. Thank you very much.

Next we'll go to Mr. Albas.

Mr. Albas, the floor is yours. You have five minutes, sir.

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

Thank you, Mr. Chair. Thank you, Mr. Cory.

It really takes a special kind of chutzpah to come to a committee that has already called for the abolition of your organization. You've really put your organization at a disadvantage, I think.

When we say in section 6, “seek to attract investment from private sector investors and institutional investors”, where's the private money?

[Ehren Cory]

Do you mean in this project specifically?

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

Yes.

[Ehren Cory]

As I think Mr. Jimenez was explaining, our money is only a portion of this purchase. BC Ferries will go out and raise the rest in the private bond markets, in the capital markets. They will issue bonds, and there will be private capital for the rest of the ferry purchase. It's a blend of our money and private capital.

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

Okay, so you're interpreting having debt instruments as bringing in capital into Canada, even though we're going to be paying that money back plus interest. Is that correct?

[Ehren Cory]

If I understand the question correctly, the mandate of the CIB is not bringing money into Canada. It could be Canadian money or external, so—

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

Well, it does say “to attract investment from private sector investors”.

[Ehren Cory]

Yes, which could be Canadian or international. I'm just saying it could—

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

Well, you know...so your part, then, “infrastructure projects in Canada or partly in Canada”.... This meets none of the criteria.

[Ehren Cory]

Respectfully, I don't think I agree with the premise of the question. The infrastructure is in Canada, partly in Canada. All of the charging infrastructure shoreside, which is $300 million of the $1-billion loan, is—

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

It says “infrastructure projects”. It is not being constructed here, sir. It is the same as me driving a car from another country and then using it in Canada and claiming somehow that this has Canadian value, but I think you and I have different opinions on this, so I'd like to hear your opinion on something else.

The minister has said he's given you, or the organizations under him, direction on Canadian content. Have you received those instructions from the minister in writing, for Canadian content to be included in future CIB projects?