In its 2025 budget on Thursday, the Ontario government proposed an additional $5 billion in funding to a provincial infrastructure bank that leverages public sector pension investments.
The Building Ontario Fund, which was announced in the province’s 2023 fall economic statement, supports the development of new long‐term care homes, energy infrastructure, affordable housing, municipal and community infrastructure and transportation.
“The [fund] was established to partner with trusted Canadian institutional investors to help unlock infrastructure projects in priority areas of energy, affordable housing, long-term care, municipal and Indigenous community infrastructure and transportation,” said the document.
Read: Ontario Infrastructure Bank to leverage public sector pension investments
“With increased access to funding, the [fund] will be well positioned to invest in priority area projects that contribute to the continued growth and prosperity of Ontario.”
The fund’s mandate also includes support for infrastructure projects for First Nations communities that advance community and economic well‐being. To that end, a new $3 billion program to support Indigenous Canadians’ participation in sectors such as electricity and minerals will fall under the purview of the Building Ontario Fund.
“The [Building Ontario Fund] has the legislative mandate to work with institutional investors and Indigenous partners and has the necessary expertise, investment framework and resources to act as a single-entry point for Indigenous partners across Ontario, to access financing for infrastructure projects.”
Read: Ontario continues work on infrastructure bank, target-benefit pension plan framework