In the heart of Canada’s push for sustainable infrastructure lies the Canada Infrastructure Bank (CIB), a federal Crown corporation established in 2017 with a mandate to leverage $35 billion in public funds to attract private investment for revenue-generating projects. At its helm since November 2020 is Ehren Cory, a former McKinsey partner and Infrastructure Ontario CEO, tasked with accelerating investments in green infrastructure, clean power, public transit, trade, and broadband. Yet, beneath this veneer of progress, the CIB has been plagued by scandals involving inefficiency, high costs, executive turnover, and allegations of conflicts of interest. Its embrace of blended finance—a model championed by the World Economic Forum (WEF)—has drawn scrutiny for potentially prioritizing private profits over public good, especially amid connections to global agendas and domestic failures like the Lion Electric debacle. This investigative article delves into Cory’s role, the CIB’s operations, its WEF linkages, and the controversies that have shadowed the institution since its inception, with a focus on developments under Cory’s leadership.
Ehren Cory: From Consulting to Crown Leadership
Ehren Cory’s ascent to CIB CEO in late 2020 marked a pivotal shift for the embattled bank. A recognized leader in sustainable finance and infrastructure, Cory holds degrees from prestigious institutions like INSEAD and brings a robust resume: a partner at McKinsey & Company from 2001 to 2012, where he advised on infrastructure and project management, followed by eight years at Infrastructure Ontario, including four as president and CEO. At Infrastructure Ontario, he oversaw billions in projects, honing skills in public-private partnerships that align with the CIB’s model.
Appointed amid the CIB’s “dashed hopes” and leadership churn, Cory was heralded as a turnaround expert. He promised to “loosen the reins” on investments, focusing on a $10 billion Growth Plan to catalyze projects in priority sectors. Under his watch, the CIB has committed to 20-30 investments annually, totaling $3-5 billion in CIB funds, often through low-interest loans repaid via operational savings. However, his McKinsey ties have fueled controversy, given the firm’s global scandals involving opioids and corruption. Cory has testified before parliamentary committees, defending the bank’s performance amid calls for its abolition.
The Canada Infrastructure Bank: Mandate and Mechanics
Established under the Canada Infrastructure Bank Act in 2017 as part of the Liberal government’s $180 billion infrastructure plan, the CIB replaced PPP Canada and operates at arm’s length from government, reporting to Parliament via the Minister of Housing, Infrastructure and Communities. Its core purpose is to invest $35 billion in projects that generate revenue and serve the public interest, fostering economic growth and sustainability while attracting private and institutional capital. The bank acts as an impact investor, using tools like equity, loans, and derivatives to de-risk projects and minimize taxpayer burden.
Governed by an independent board appointed by the federal cabinet, the CIB targets at least $1 billion for Indigenous-led projects and provides advisory services. Critics, however, label it a “privatization bank” or “Liberal slush fund,” arguing it subsidizes big business through user fees and public-private partnerships.
Blended Finance and the World Economic Forum Nexus
Blended finance, a cornerstone of the CIB’s strategy, uses public or philanthropic funds to de-risk investments, mobilizing private capital for sustainable goals—particularly in climate action and infrastructure. Canada leads globally in this approach, with the CIB and Canada Growth Fund (CGF) employing it to fund high-risk, long-payback projects like clean energy and critical minerals.
The WEF has been instrumental in promoting blended finance, viewing it as a tool to bridge funding gaps in emerging markets and align with Sustainable Development Goals (SDGs). Canada’s involvement is deep with Global Affairs Canada seeding the Convergence platform with the WEF, and G7 summits under Canadian presidencies emphasized blended finance for infrastructure in developing nations. The CIB’s role in sectors like hydrogen and clean fuels in Atlantic Canada exemplifies this, using blended models to advance WEF-aligned priorities. Critics argue this globalist framework risks entrenching private control over public assets, with limited accountability.
A Trail of Scandals: From Inception to Cory’s Era
The CIB’s history is riddled with controversies, starting with its early years under Pierre Lavallée, who resigned in 2020 amid slow progress and refusal to disclose spending to auditors. The Parliamentary Budget Officer (PBO) has repeatedly highlighted underperformance, with only $14.9 billion projected by 2027-28, far short of $35 billion, and just $1.7 billion spent in the first three years. High internal costs—$47 million on operations, including $38 million in salaries and $9 million in bonuses—contrast with minimal project allocations. McKinsey contracts worth $1.43 million pre-Cory raised eyebrows, especially given the firm’s scandals and Cory’s past affiliation.
Project failures abound: The Mapleton water privatization attempt left a town with $367,000 in legal bills; SNC-Lavalin ties surfaced in advisory reports; and broader links to corruption cases like the MUHC scandal in Quebec. Opposition parties, including Conservatives, NDP, and Greens, have called for abolition, citing waste and favouritism.
Since Cory’s takeover, scandals persist. A 2024 conflict-of-interest probe cleared Cory over a $210-million Parkland Corp. deal linked to his spouse’s professional ties, but it highlighted transparency issues. The $1 billion BC Ferries loan for Chinese-built ships sparked outrage, contradicting government claims of non-involvement and bypassing Canadian shipyards. The Lake Erie Connector, announced with $655 million in 2021, was suspended due to emissions concerns and inflation, with $900,000 in due diligence costs wasted. Another $1.7 billion project died in 2025 due to financial volatility.
The Lion Electric scandal exemplifies blended finance pitfalls under Cory. Through the $1.5 billion Zero-Emission Buses Initiative, the CIB provided loans to operators purchasing Lion’s electric buses, indirectly supporting the Quebec firm amid $365,000 per bus costs—far above market rates. Lion, backed by $177 million from Quebec and $30 million federally, collapsed in late 2024, defaulting on $411 million in debt and filing for creditor protection. Insiders like founder Marc Bédard sold $33 million in shares post-subsidies, while warranties were voided, idling 1,600 U.S. buses and sparking lawsuits. EPA critiques in 2025 highlighted mismanagement, with Quebec refusing further bailouts. Ties to a Quebec cabinet minister added to profiteering allegations.
A Bank at the Crossroads
The CIB, under Ehren Cory, embodies Canada’s ambitious blend of public policy and private capital, intertwined with WEF-driven blended finance. Yet, persistent scandals—from slow disbursements and executive bonuses to project failures and the Lion Electric collapse—raise questions about accountability, efficiency, and whether it truly serves the public interest or merely subsidizes corporate gains. As calls for reform or abolition mount, the bank’s future hinges on delivering tangible results amid scrutiny. For Wiretap Media readers, this saga underscores the perils of globalist finance in national infrastructure—demanding vigilance to ensure taxpayer dollars build Canada, not just balance sheets.