1 March 2010
Infrastructure Stimulus Fund
Through Canada’s Economic Action Plan, the federal government has established a $4-billion Infrastructure Stimulus Fund that provides funding to provincial, territorial and municipal construction-ready infrastructure rehabilitation projects.
Funding is available for two years for projects that can be substantially completed by March 2011.
Including today’s announcement, more than 400 projects have received a total federal investment of more than $470 million under the Infrastructure Stimulus Fund across British Columbia. The Province has provided $430 million in matching contributions. Including local governments and other funding partners, a total of $1.3 billion has been committed through the Infrastructure Stimulus Fund for projects in B.C.
The Infrastructure Stimulus Fund complements existing federal infrastructure funding by focussing on short-term objectives for economic stimulus. To further this goal of rapid economic stimulus, the Infrastructure Stimulus Fund will focus on construction-readiness as an important project selection criterion. The full $4 billion will be distributed in fiscal years 2009-2010 and 2010-2011. Projects will focus largely on the rehabilitation of existing assets such as water, wastewater, public transit, highways, roads, culture, parks and trails.
For provincial projects, the federal and provincial governments will each contribute up to fifty per cent of eligible costs. For municipal projects, the federal and provincial governments will contribute up to two-thirds of eligible costs, with municipalities expected to contribute one-third.
The Fifteen Projects
The governments of Canada and British Columbia today announced support for fifteen infrastructure projects across the province. Valued at more than $35.4 million, these projects will improve highways, local roads and bridges across British Columbia, resulting in safer travel for residents and visitors alike. The Government of Canada is committing more than $17 million and the Province of British Columbia more than $16 million. The remaining funds will be provided by local governments and partners in British Columbia.
The provincial contribution is part of a three-year, $14-billion capital infrastructure program, which will help build vital public infrastructure in every region of British Columbia. Since October 2008, more than $4.4 billion in provincial funding has been announced for infrastructure projects across British Columbia.
The Fifteen Projects (PDF)