The Ontario government announced that Infrastructure Ontario (IO) has entered into new commitments to provide financing for infrastructure development and renewal through its Loan Program to four eligible organizations.
The organizations are as follows:
- City of Belleville for road reconstruction projects, LED streetlights, and a fire truck – $19,697,000 loan
- Township of Casey for new plow truck – $74,426 loan
- Town of Prescott for new plow truck – $274,400 loan
- County of Prince Edward for hospital construction costs, LED streetlights, six tandem trucks – $4,748,092 loan
The Loan Program is one of Ontario’s financing approaches to help municipalities and other public-sector partners renew the province’s public infrastructure. IO loans provide affordable, long-term financing in support of infrastructure development.
With more than 440 public-sector clients, the Loan Program has helped finance various types of infrastructure projects such as the construction of roads, bridges, arena complexes, and long-term care homes, and the acquisition and installation of capital assets like fire trucks and energy-efficient lighting.
Modern and efficient public infrastructure is key to building a strong economy, prosperous communities and creating jobs.
Loans can be used to finance a broad range of capital expenditures including construction and expansions, energy-efficiency projects, and equipment purchases. IO leverages the strength of the Province’s strong credit rating and passes savings along to its borrowers with no additional fees.
Municipalities, municipal corporations, and housing providers make up almost 90 per cent of the loan volume (by value).
For further information on the Loan Program, click here.