Canada investing $20M in Toronto-based Global Infrastructure Hub
The new Toronto location will be the first Global Infrastructure Hub outside of Australia.
The government of Canada has announced that it will contribute $20 million to the Global Infrastructure Hub (GI Hub) to establish Toronto as the centre of its North American operations.
The GI Hub, a G20 initiative, brings together public and private investors to develop critical infrastructure projects that benefit people, strengthen their communities, and connect global markets. These projects fuel long-term economic growth while supporting the transition to a low-carbon economy, and making progress towards achieving the United Nations’ Sustainable Development Goals.
In particular, the GI Hub helps address some of the key challenges to sustainable economic growth that benefits everyone, including improving the representation of women and other marginalized groups in sustainable infrastructure; narrowing a persistent global infrastructure gap concentrated in emerging markets; and strengthening infrastructure resilience to mitigate the threats posed by climate change.
The GI Hub will use $5 million of the funding to establish the Global Centre for Infrastructure Excellence, underscoring Canada’s commitment to foster new partnerships for development. Located at the new GI Hub Toronto location, the Global Centre for Infrastructure Excellence will focus on making sure private investments are effectively mobilized for resilient, sustainable infrastructure that benefits everyone.
“The Global Infrastructure Hub is helping deliver transformative infrastructure projects and creating good, middle class jobs around the world,” said Prime Minister, Justin Trudeau in a media release. “Our investment will open up new ways to share Canadian expertise, connect large investors to opportunities at home and abroad, and help the GI Hub continue to develop the resilient, sustainable infrastructure that communities need worldwide.”
“Our investment in the Global Infrastructure Hub will help better connect governments and private investors in order to unlock capital for infrastructure – such as ports, railways and water supply systems – that will make a real difference in the lives of millions of people, while strengthening the global economy for the benefit of all,” added Minister of Finance, Bill Morneau.
The new Toronto location will be the first Global Infrastructure Hub outside of Australia. The GI Hub was originally granted a four-year term, starting in November 2014, when it was established by G20 leaders. In July 2018, G20 Finance Ministers and Central Bank Governors endorsed the GI Hub’s second term for the period 2019-22
Canada holds the G7 Presidency for 2018, and is advancing domestic and international priorities framed under the following five key themes:
- Investing in growth that works for everyone
- Preparing for jobs of the future
- Advancing gender equality and women’s empowerment
- Working together on climate change, oceans, and clean energy
- Building a more peaceful and secure world