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Business agreement between the Government of Québec and the Caisse de dépôt et placement du Québec for the construction of major infrastructure The Government of Québec and the Caisse de dépôt et placement du Québec propose a new project implementation approach for growth-generating infrastructure in the future

Québec, January 13, 2015. – The Premier of Québec, Philippe Couillard, accompanied by the Minister of Finance, Carlos Leitão, President and CEO of the Caisse de dépôt et placement du Québec, Michael Sabia, and the Mayor of Montréal, Denis Coderre, is pleased to announce that a business agreement has been concluded between the Government of Québec and the Caisse concerning the implementation of specific major infrastructure projects in the future.

“Over the years, Québec’s needs in terms of infrastructure development and maintenance have constantly increased and it has become crucial to find new approaches to provide Quebecers with safe and efficient infrastructure. What has long been a collective issue may, subject to the adoption of legislative amendments to be tabled shortly, be an exceptional opportunity. By entrusting the implementation of certain projects to the Caisse, we will be enabling the updating of our public infrastructure, while maintaining flexibility in the budget to carry out other infrastructure projects for Québec,” explained the Premier.

A three-step process

The agreement negotiated between the Government and the Caisse stipulates the principles surrounding the business model developed for carrying out, managing, and financing major infrastructure projects. This agreement represents the first milestone in an innovative process aimed at enabling Quebecers to benefit from the Caisse’s extensive expertise in major infrastructure projects and enabling the Caisse to grow its depositors’ savings.

“For this innovative business model to become a reality, the Government of Québec will soon be tabling a bill to provide the Caisse with the tools needed to carry out infrastructure projects that will be growth-generating in terms of Québec’s economic development, and which will be entrusted to them at a later date,” said Carlos Leitão, Minister of Finance.

The agreement provides for the Government to retain responsibility for identifying the infrastructure to be entrusted to the Caisse and to define the broad strategic directions. In doing so, the Government will maintain responsibility for and control of planning and prioritizing the strategic selection of infrastructure within its territory to be developed or upgraded.

Two growth-generating projects planned

As part of its discussions with the Caisse, the Government of Québec has identified and prioritized the implementation of two growth-generating projects that could be undertaken once the necessary preliminary steps have been completed:

  • A public transit system on the new Champlain Bridge;
  • A public transit system for the West Island (between downtown Montréal, Montréal-Trudeau International Airport, and the West Island).

In conjunction with the community

As part of this business agreement with the Caisse, the Government of Québec will continue to involve stakeholders from the metropolitan region in the strategic planning process for building and upgrading infrastructure within their areas.

“This new business model will not change the way we work with our partners from the Communauté métropolitaine de Montréal (CMM) and the municipalities. Montréal and the CMM will continue to be at the core of the deliberations and decision-making processes to determine which projects will be given priority in the future,” said Robert Poëti, Minister of Transport and Minister responsible for the Montréal region.

“The partnership we are announcing today is great news for Montréal and the entire CMM. This new agreement between the Government of Québec and the Caisse de dépôt et placement du Québec will make it possible to finance significant infrastructure projects that are important for the future of the City. I thank Premier Couillard and the Government of Québec for reaffirming their commitment to strengthening Montréal’s leading role,” said Denis Coderre.
    
“To help Québec move forward, we must foresee new solutions, and this agreement paves the way. Québec must take advantage of this business opportunity for the benefit of the community. This agreement and both projects reflect the vision of our government, which is willing to think outside the box when it can be done in the best interests of Quebecers,” concluded the Premier.

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Online as of: July 16, 2015


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