Ontario's global ambitions
On Monday, the Ontario Government said it would propose legislative changes to allow its infrastructure procurement agency to spread its P3 advisory wings and act as a ‘consultant advisor’ to markets beyond the province and even the country.
IO has always been a force to reckon with, given its consistent record of launching solid pipelines and executing them, in addition to testing various alternative financing models. While it may have endured several challenges in the process, it is aiming to have a seat on global advisory tables to share the learnings – and this time bring economic benefits of that back home.
IO currently has 25 projects worth C$18.4bn under construction in Ontario and another 12, worth nearly C$7bn, in the planning stage, according to Ministry of Infrastructure figures. IO also boasts 70% of its P3 projects being built on time, with 95% on budget.
The provincial budget is scheduled to be released on April 11 and Ehren Cory, president and CEO of IO told P3 Bulletin that the agency expects to provide a market update on its work following that.
"We share best practices and experiences with a number of jurisdictions. But as a project delivery agency that has brought more than 100 projects to market, others do seek out our advice on choosing the appropriate models, financing structures, and of course procurement,” Cory said.
Cynics might wonder if IO is being allowed to fly because there will be less work for it at home under the new government. But with the Ontario government also having announced tweaks to its P3 approach this week, designed to increase global interest, the next project pipeline will be watched with great anticipation.
An in-depth look at the Canadian market, including more from Ehren Cory on IO's work, will feature in the upcoming March/April edition of P3 Bulletin