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2mo ago

Transport Committee Probes CIB’s $1B Loan for BC Ferries’ China Ship Deal

She has sent directives for agencies under Transport Canada to give priority to Canadian steel, aluminum and lumber in future procurements.

The BC Ferries vessel Spirit of Vancouver Island leaves Tsawwassen, B.C., bound for Swartz Bay, on Monday, Sept. 9, 2024. THE CANADIAN PRESS/Darryl Dyck
A rendering of one of the proposed new BC Ferries.
Transport Minister Chrystia Freeland

Overview

  • The House of Commons transport committee launched a study of the Canada Infrastructure Bank loan and heard testimony from Transport Minister Chrystia Freeland, Infrastructure Minister Gregor Robertson, BC Ferries and CIB executives.
  • Chrystia Freeland told MPs she was dismayed by BC Ferries’ decision to purchase Chinese-built electric-diesel ships but did not call for the loan’s cancellation.
  • CIB CEO Ehren Cory defended the below-market $1 billion loan as crucial to keeping fares affordable for the roughly 23 million annual ferry passengers.
  • BC Ferries CEO Nicolas Jimenez said no Canadian shipyards submitted final bids after a five-year procurement and that foreign offers were the only way to avoid higher costs and longer delays.
  • Gregor Robertson emphasized the urgent need to replace aging vessels, with the new ferries expected to enter service between 2029 and 2031.