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OTTAWA—The head of the Canada Infrastructure Bank (CIB) said the nascent institution has received heaps of inbound calls from would-be developers looking to build projects, just as the bank announced its first-ever investment on Wednesday.

“It’s been a busy summer and I expect that will continue into the fall as things get even busier,” CIB chief executive Pierre Lavallee said in a phone interview.

The CIB announced it would invest $1.28-billion in the Réseau express métropolitain, a major light rail expansion project in Montreal, in the form of a 15-year secured loan. The announcement was part of an agreement with the Caisse de dépôt et placement du Québec, which will take a roughly 70 per cent equity position in the project.

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It also comes as Ottawa’s budget watchdog released a report on Wednesday outlining lingering shortfalls in the government’s infrastructure spending plans.

The CIB was established after the 2016 budget, and is responsible for $35 billion in spending over 11 years as part of Ottawa’s infrastructure spending plan. Lavallee said the loan fits well with the bank’s three areas of focus: green infrastructure, public transit, and trade corridors.