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Trudeau Woos Investors With C$35 Billion Infrastructure Bank

  • PM further opens Canada’s borders in bid to kickstart growth
  • Fiscal plan includes new spending, no return date for balance
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Prime Minister Justin Trudeau’s government is creating an infrastructure bank backed by billions in new spending to lure investment from global fund giants such as BlackRock Inc. and breathe new life into Canada’s stagnant economy.

In a fiscal update Tuesday, Finance Minister Bill Morneau unveiled C$81.2 billion ($60.8 billion) in new infrastructure spending over the coming 12 years, including C$8.9 billion before the next scheduled election in 2019. The government will establish a Canada Infrastructure Bank in 2017 mandated to invest C$35 billion.