\r\nCBI and CDPQ Infra, which is developing and majority funding the $C 6.3bn project, signed the agreement, which is subject to the execution of the final documentation, on August 24.\r\n \r\nConstruction of the REM began in April 2018, with the first trains scheduled to run in mid-2021.\r\nThe $C 1.28bn investment will take the form of a 15-year senior secured loan at a rate starting at 1% escalating to 3% over the term of the loan.\r\nGiven that the Canada Infrastructure Bank\u2019s investment takes the form of a loan, CDPQ Infra\u2019s equity stake in the REM project will be approximately 70% and the government of Qu\u00e9bec\u2019s stake will be approximately 30%. Dollar amounts for both CDPQ Infra\u2019s and the government of Qu\u00e9bec\u2019s investments remain unchanged, staying at respectively $C 2.95bn and $C 1.28bn.\r\nThe returns-on-equity also remains the same, at 3.7% for the government of Qu\u00e9bec and 8-9% for CDPQ Infra.\r\n\u201cPublic transit is one of our priority areas,\u201d says CIB president and CEO, Mr Pierre Lavall\u00e9e. \u201cOur role is to invest alongside private sector and institutional investors, and other public-sector partners to facilitate the development of strategic projects like the REM.\u201d\r\n\u201cWe are very pleased to welcome the Canada Infrastructure Bank as a partner in the REM project. With this $C 1.28bn investment, the REM\u2019s financing is now fully completed. The construction of the project is progressing well and will intensify in the fall,\u201d said Mr Macky Tall, president and CEO, CDPQ Infra.