Federal government transfers $9 million through the Canada Community-Building Fund to Prince Edward Island

CHARLOTTETOWN, PE, Aug. 19, 2024 /CNW/ - The federal government has transferred $9 million to Prince Edward Island under the Canada Community-Building Fund (CCBF) for the first payment of the 2024-2025 fiscal year. This will help communities across the province invest in their local infrastructure priorities.

This is the first of two payments to Prince Edward Island for this fiscal year. The next payment is expected to be made prior to the end of the fiscal year.

This is the first transfer through the recently renewed CCBF agreement with the province. This agreement runs from 2024-2034, and under it Prince Edward Island will receive more than $94.5 million over the next five years, including $18 million this fiscal year.

CCBF provides communities with predictable and flexible funding across 19 different project categories, including drinking water, wastewater, public transit, and community energy systems, and helps them develop the required infrastructure for future housing developments.

Quotes

"From roads and bridges to public transit, infrastructure is vitally important to our daily lives. This federal transfer of $9 million to the provincial government under the Canada Community-Building Fund will help make sure we're meeting the local needs and priorities of our Island communities."

The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food and Member of Parliament for Cardigan on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"The Province of Prince Edward Island is committed to helping our communities build new homes and the required infrastructure they need to be vibrant, healthy communities. The Canada Community-Building Fund complements this work, and we are pleased to see how these community-led infrastructure projects will support the foundation of our neighbourhoods, our local economy and the quality of life of our residents."

The Honourable Rob Lantz, Minister of Housing, Land and Communities

Quick facts

• The federal government is renewing the Canada Community-Building Fund (CCBF) and is investing $26.7 billion over the next ten years (2024-2034) to support core infrastructure projects.

• The federal government has transferred $9 million to the Government of Prince Edward Island for the first payment of the 2024-2025 fiscal year.

• Prince Edward Island will receive more than $94.5 million from the CCBF over the next five years, including $18 million for the 2024-2025 fiscal year.

• Since 2015, the Government of Canada has invested $24.2 billion across Canada through CCBF, including $181.7 million in Prince Edward Island communities.

• The CCBF is a permanent, indexed source of funding provided up front, twice a year, to provinces and territories, who in turn flow this funding to local governments and other entities to support local infrastructure priorities.

Associated links

The Canada Community-Building Fund

Canada Community-Building Fund in Prince Edward Island

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SOURCE Department of Housing, Infrastructure and Communities

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