Canada’s Infrastructure Bank Is Seeking Private Capital to “Renew” Cities’ Water Systems
Justin Trudeau’s Infrastructure Bank is facilitating private investment in the water sector. But municipalities’ water systems will not be improved by the good-heartedness of private investors — they will take their pound of flesh by hook or by crook.
Justin Trudeau’s Canada Infrastructure Bank has accomplished little, but it has plotted to “leverage” public infrastructure in the service of private capital. (Chris Jackson / Getty Images)
The Canada Infrastructure Bank (CIB), set up by Prime Minister Justin Trudeau in his first few months of office, is eagerly looking to let private investors “renew” the “water sector.” It is a development in water provision that no one demanded. If realized, it will almost certainly make life worse for everyone, enabling private finance to gouge consumers over one of life’s most vital necessities.
Since 2015, the Trudeau Liberals have insisted that the multibillion-dollar CIB will speed up infrastructure builds across the country by unlocking seed money from pension funds and institutional investors. In its early months, Trudeau courted advisors from BlackRock, McKinsey, pension funds, and other large investment pools to set up the private financing vehicle.
“This is about making sure our public dollars go farther and are used smarter, as we make historic investments in infrastructure to create middle-class jobs today and sustained economic growth for years to come,” Trudeau said of the bank.
This article is for subscribers only. Please login or subscribe to access our full archives and beautiful print and digital magazine starting at just $3 a month.