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A federally backed Canada Infrastructure Bank (CIB) that would make it easier and more affordable for municipal and provincial governments to finance capital projects was a key election promise by Prime Minister Justin Trudeau and the Liberals.

While it’s expected the budget will address the government’s commitment to create the CIB, the exact structure and mandate of the CIB ­— including how project financing and approval would work and whether it will be a Crown corporation — won’t be determined until the coming months.

Municipal and provincial governments, large firms and the broader financial markets are closely watching the government’s blueprint for the bank and exactly how it will operate because the stakes are huge: The creation of the CIB could save lower levels of government hundreds of millions of dollars on large capital projects by allowing them to access low-interest financing from the federal government and its top credit rating.

Ottawa has already taken steps to move the CIB project forward.

It has recruited a Canadian investment banker working at Bank of America Merrill Lynch in the U.S. to help design the CIB and advise Infrastructure Minister Amarjeet Sohi on the project.

The adviser will work pro bono as an unpaid volunteer and will be based out of Sohi’s office for up to six months, beginning in late March. The individual will also work with large pension funds in Canada as part of the Liberal government’s efforts to persuade them to invest in Canadian infrastructure such as transit projects.