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Carney is seeking further private investments in Canada’s four largest airports in Vancouver, Calgary, Toronto and Montreal. Under his vision, Canada would retain ownership of the land and assets but would seek partners to enhance the experience and trickle down investments to regional airports and infrastructure.
“Canadian pension funds already invest successfully in many airports around the world,” Carney said during his address to the summit. “It is time to bring that same expertise home to more directly benefit all Canadians.”
It was also confirmed several banks are committing to new financing for Canadian businesses and infrastructure. “The world sees our strengths and ambitions and we will harness this moment to generate lasting growth, opportunity and prosperity for Canadians,” he said in a press release.
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In a fireside chat with PSP Investments’ chief executive officer Deborah Orida, Carney said he wants to ensure government doesn’t get in the way of dealmaking — reminding the room that time is the enemy of any deal getting done.
He said he needs perspective from global investors like PSP Investments since these organizations have experience managing some of the assets the feds want to make available, including airports. He also described how important it was for these investors to share established business connections with Canadian companies and governments to advance the proposed growth. “It starts with the intangibles. . . . Capital is important [but not everything],” he said.
Leading up to event, PSP Investments and the Ontario Teachers’ confirmed plans to increase commitments at home, while CPP Investments launched a $50 billion fund alongside Brookfield Asset Management designed to invest in infrastructure and strategic industries.
Similarly, the British Columbia Investment Management Corp. said it’s growing its domestic investments to $145 billion by 2030. “We have the capital and conviction for the right opportunities and are particularly interested in investments in defence [and] critical minerals as well as existing infrastructure like airports, energy and transportation, which are well suited to our clients’ objectives,” said Gordon Fyfe, chief executive officer and chief investment officer at the BCI.
In a television interview with CBC News Network, Annette Mosman, CEO of Dutch pension investment company APG Group, said the organization is encouraged by Carney’s message and interested in digital technology opportunities.
“His message of ‘cheaper, faster, better’ for us investors is good to hear,” she said. “We’re investing pension money, so we’re investing for the long term. . . . Airports are very good for us.”
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