June 26, 2025
RED FM News Desk
SURREY, BC– The federal government’s Canada Infrastructure Bank (CIB) has confirmed it provided $1 billion in financing for BC Ferries’ plan to acquire four new ships from a Chinese state-owned shipyard.
This significant financial backing was not publicly disclosed by Transport Minister Chrystia Freeland last week when she sharply criticized the very same purchase.
Minister Freeland had sent a strongly worded letter to B.C. Transportation Minister Mike Farnworth, expressing her “great consternation and disappointment” with the planned acquisition. Her letter highlighted a previous $75-million loan from the CIB for four other ferries and Ottawa’s annual grant for ferry operations. However, it notably omitted any mention that the CIB was also providing $1 billion in low-interest loans specifically for the purchase she was critiquing.
The CIB stated that without this substantial financing, the new electric ferries “wouldn’t likely be purchased.” The loan is structured to include up to $690 million for acquiring the vessels and up to $310 million for essential electrification infrastructure.
Jeff Groot, executive director of communications for BC Ferries, clarified that the agreement with the bank was signed before Minister Freeland’s letter was dispatched. BC Ferries CEO Nicolas Jimenez noted in a news release that the full loan is expected to result in approximately $650 million in interest savings.
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