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Parliament's fiscal watchdog predicts the Canada Infrastructure Bank will miss its investment targets by over $20 billion, disbursing only $14.9 billion of its $35 billion goal by 2027/28, according to a new report.

That sum is also $1 billion less than 2021 PBO projections, the Canadian Press reported.

The bank is mandated to disburse $35 billion in cash over 11 years, aligning with the government's long-term infrastructure strategy. However, it is not expected to achieve any targets on deadline, according to the Budget Office.

In 2023/24, opposition MPs scrutinized the Canada Infrastructure Bank (CIB), founded in 2017 per an advisory council led by ex-McKinsey head Dominic Barton and including Michael Sabia, former CEO of Caisse de dépôt et placement du Québec.

Sabia, after initially being criticized for a slow start, briefly led the bank before Prime Minister Mark Carney appointed him as Clerk of the Privy Council on July 7 to support the Liberal government's infrastructure push.

A major project being criticized is Montreal’s $2.95 billion light-rail network, which is primarily funded by Sabia's former employer, CDPQ. Conservatives accused Barton of lying and McKinsey of influencing government decisions, while also questioning Mark Carney’s ties to the firm.

Opposition leader Pierre Poilievre called the CIB out for having completed a mere seven projects in eight years despite billions in funding, saying it's a "failure of state capitalism.”

The CIB, a Crown corporation, reported $16.8 billion in investments, but a PBO report highlighted slow disbursements, with two-thirds of co-investments from public, not private, sources.

More recently, the CIB drew criticism for approving $1.1 billion for BC Ferries’ fleet replacement, including vessels from China, drawing criticism. While the PBO predicts the CIB will meet its 2029/30 financial close goal, its $35 billion disbursement target may not be reached until 2034/35.

Sabia has prior ties to Carney through the UN's Net-Zero Asset Owner Alliance and the World Economic Forum, with men focused on global economic "decarbonization" and financial climate initiatives. 

Conveniently, the bank partners with public and private sectors to fund renewable energy and infrastructure projects like broadband, public transit, clean power, green infrastructure, and trade and transportation.

The Infrastructure Bank reported $16.8 billion in investments to date in its Q1 market update.

PBO report author Katarina Michalyshyn informed the Canadian Press that the CIB investment estimate reflects financial closes, where deals are finalized but funds haven’t yet been disbursed. The Budget Office report focuses on funding disbursements.

Conservatives called the CIB a "failure" in a prior Canadian Press statement, with two-thirds of CIB co-investments from public, not private, partners.