Canada unveils first 5 major projects for fast-track approval

Alsharq Tribune-AFP 

Canadian Prime Minister Mark Carney announced Thursday the first five projects under consideration for fast-track approval through the federal government's new major projects office.

According to a news release issued by the prime minister's office, these projects, including energy, mining and port expansion, represent investments of more than 60 billion Canadian dollars (43 billion U.S. dollars).

The prime minister also unveiled projects for future development including a proposed high-speed rail line between Toronto and Quebec City.

Carney announced last month the launch of the new Major Projects Office (MPO), which will work to fast-track nation-building projects by streamlining regulatory assessment and approvals and helping to structure financing.

The MPO will help to identify projects that are in Canada's national interest and accelerate their development, reducing the approval timeline to a maximum of two years, according to the office.