Ontario ring-fences further $3.2bn for infrastructure funding
The Canadian province of Ontario has allocated the CA$3.2bn (£1.9bn) proceeds from a sale of shares to a fund for infrastructure projects.
Ontario is planning to invest more than CA$160bn in public infrastructure over 12 years - the largest investment in the sector in the province's history. Since 2015, Ontario has announced support for more than 475 projects.
The money raised last year by the sale of some of the shares in electricity utility Hydro One is being put into the Trillium Trust to build key infrastructure projects and transportation across Ontario. The trust had already been allocated the CA$1.35bn net proceeds from Ontario’s sale of its shares in General Motors.
The province is on track to generate approximately CA$9 billion in gross proceeds and other revenue benefits from broadening the ownership of Hydro One, while remaining the largest single shareholder.
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This article was published on 1 Sep 2016 (last updated on 1 Sep 2016).