The federal government is soliciting applications for round four of the P3 Canada Fund, which provides funding for public infrastructure projects.
This round of the program will focus on projects that “promote jobs and stimulate economic growth, including transportation, water/wastewater, solid waste disposal and brownfield redevelopment-related projects,” according to a news release.
“Under round four, PPP Canada will continue to support the development of innovative P3 projects,” John McBride, CEO of PPP Canada, said in the release. “Preference will be given to those projects that demonstrate substantial involvement by the private sector throughout the project's life cycle and provide evidence that, as a P3, the project will deliver value for money compared to traditional procurement.”
Under P3 funding, the costs of projects are shared by the federal government, the provincial government and municipal government, each of which pays roughly one third of the cost.
The P3 Canada Fund was set up to allot $1.2 billion over five years to public infrastructure projects, which can receive up to 25 per cent of the direct cost of construction supported through non-repayable contributions, repayable contributions, loans or loan guarantees.
The deadline for applications is June 15 and successful applicants will be notified of the decision in the fall.
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