NORTHERN LIGHTS: A WAKE-UP CALL FOR THE FUTURE OF CANADA
Report of the Special Senate Committee on the Arctic
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Jessica Shadian recommended Canada to “take the lead in bringing the idea of an Arctic Infrastructure Bank to the Arctic Council.”302 In her opinion, an infrastructure bank could “ensure that non-Arctic state investment is guided by an institutional framework and conditions for investments.” In the committee’s view, a circumpolar Arctic Infrastructure Bank may be an avenue for Canada to leverage foreign and domestic capital to support infrastructure building in its vast Arctic. Such a regional development bank, by creating additional channels of communication and linkages, could also contribute to enhance Arctic cooperation and integration. In fact, to close the infrastructure gap in the Canadian Arctic, Jessica Shadian suggested Canada to take inspiration from Russia’s and the Nordic Council’s Arctic economic strategies.303 Both strategies integrate Arctic development into their respective overall economic visions.
The committee recommends: 26. That the Government of Canada propose the establishment of a Pan-Arctic Infrastructure Bank at the Arctic Council and ensure an improved investment climate and trade flow in the circumpolar Arctic Region (page 110).