Poilievre urges Ottawa to cancel the loan from BC Ferries in response to Chinese Canola rates
Conservative leader Pierre Poilievre is calling for the cancellation of a $1 billion federal loan to BC Ferries for the purchase of Chinese ships in response to China’s recent actions imposing a duty of 75.8 percent on Canola seed. This move by China has sparked concerns about the impact on Canadian farmers and industry.
In a statement released on Wednesday, Mr. Poilievre criticized the federal government for supporting a loan that would benefit a Chinese state-supported shipyard over Canadian companies. He emphasized the importance of supporting Canadian employees and using Canadian resources to build world-class ships domestically.
The Canada Infrastructure Bank (CIB) provided the $1 billion financing for BC Ferries to purchase ships from a Chinese shipyard, sparking controversy and raising questions about the decision-making process. The Minister of Housing and Infrastructure, Gregor Robertson, is being called upon to cancel the loan in light of the current situation with China.
The issue was recently addressed in a hearing by the Lower House Committee for Transport, Infrastructure, and Communities, where MPs heard testimony from various officials involved in the loan agreement. Minister of Transport Chrystia Freeland expressed her support for the purchase but did not provide a clear response regarding the cancellation of the loan.
The CEO of the Infrastructure Bank, Ehren Cory, defended the loan, stating that the bank operates independently and makes investment decisions without political interference. Minister Robertson also emphasized the independence of the bank and stated that the decision to purchase Chinese ships was made by BC Ferries, not the government.
BC Ferries CEO Nicolas Jimenez explained that the decision to purchase Chinese ships was based on the urgent need for new ferries and the lack of Canadian bids offering competitive prices and timelines. Representatives from Canadian shipyards have criticized the bidding process, stating that the focus on the lowest price has disadvantaged Canadian companies.
Overall, the controversy surrounding the $1 billion loan to BC Ferries highlights the challenges of balancing economic interests with national security concerns. The government faces pressure to reevaluate its support for foreign investments in critical infrastructure projects and prioritize Canadian businesses and workers.
