To address Ontario’s infrastructure deficit and urgent public transit expansion needs, Liberal Leadership candidate Harinder Takhar revealed how he will fund these two priority areas through an innovative and sustainable funding model, the Ontario Infrastructure Savings Bond (OISB).
“While significant investments in infrastructure have been made over the past nine years, we need to immediately act to address Ontario’s infrastructure deficit so that it does not jeopardize our economic growth and future prosperity,” said Mr. Takhar.
“Our highways are congested, causing billions of dollars in lost productivity, and as the engine of our economy, our highways need to be maintained. Our public transportation system has not kept up with the demands of our growing cities, and our universities and hospitals are in urgent need of capital investment,” said Mr. Takhar.
“The OISB will ensure we can address these urgent shortfalls in a sustainable way over the long term so we can continue to make important investments in transit expansion, building hospitals and community projects.”
The OISB will create a sustainable, dedicated and competitive Ontario-based funding model for infrastructure related projects to keep moving the Ontario economy forward.
The capital accumulated through these bond issues will be used to fund:
- Government infrastructure-related projects such as transit, roads hospitals, schools, and university campuses.
- Municipal and jointly sponsored community based infrastructure projects.
- Certain pre-approved infrastructure projects run by non-profit organizations whose primary source of funding is the Government of Ontario.
“In addition to an innovative and sustainable funding model for infrastructure that will allow us to continue to make important long-term investments in areas like transit, I also believe that we need a long-term infrastructure plan that has been approved by the legislature,” said Mr. Takhar.