Canada Infrastructure Bank's first investment is $1.3bn loan to REM

The Canada Infrastructure Bank is making its first financing agreement with an investment in Montreal's C$6.3 billion ($4.8 billion) REM rail transit project. The infrastructure agency will provide a $1.28 billion loan with interest rates rising from 1% to 3% over the 15-year term.

The provision enables federal money pledged for the project to be put towards other Quebec infrastructure plans.