Prime Minister Justin Trudeau making a trip to the 416 bright and early on Monday to test the waters on private investment for major infrastructure projects.
The PM along with 9 members of his cabinet, and help from American global investment management corporation, BlackRock, Inc., making stops at the Shangri-La Hotel on University Avenue, and the Ritz Carlton to meet with large global organizations worth around $21 trillion.
Ottawa’s hope is to persuade some two dozen representatives from international banks, pension funds, labor unions, and insurance companies to invest in Canada.
The meetings come off the heels of Finance Minister Bill Morneau’s announcement of a $35 billion infrastructure bank which is composed of $15 billion of public money, and an estimated $20 billion expected from private investors.
Paired with the ‘investment in Canada hub’, which is likely to relax foreign investment rules, the measures could boost Canada’s sluggish economic growth while tackling necessary “transformative” infrastructure projects.
The Liberals will hope to convince fund managers that toll bridges, energy grids and water systems are attractive investments for predictable long-term returns.