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Ontario Launching Green Bonds to Fund Infrastructure Projects
September 18, 2014
Eglinton Crosstown LRT to Receive Up to $500 Million in Funding
Ontario is launching a green bond program in the coming weeks, making it the first government in Canada to issue green bonds.
The Eglinton Crosstown LRT has been selected as the green project that will receive funding from the inaugural issue, which is expected to be up to $500 million in size.
Ontario will make the first green bonds available through its current dealer group to Canadian and international institutional investors to help establish a Canadian-dollar green bond market and attract new investors.
Green bonds will help Ontario finance transit and other environmentally-friendly infrastructure projects across the province, supporting job creation and strengthening the economy. They will also capitalize on the province's ability to raise funds at low interest rates, and serve as a tool for the government to address critical infrastructure needs.
Ontario's green bonds are part of the government's plan to invest in people, build modern infrastructure and support a dynamic and innovative business climate.
• Ontario’s 2014 Budget committed more than $130 billion in infrastructure over the next 10 years.
• Pioneered by the World Bank in 2008, green bonds are a tool to raise capital for a project with specific environmental benefits.
• The Eglinton Crosstown LRT will provide environmental benefits to the region and is the largest transit expansion project in Toronto’s history. Currently under construction, the completion date is 2020.
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