Canada Opens Door to Private Capital at Four Major Airports

Canada plans to bring private investors into the operation of its four largest airports through long-term concessions, Prime Minister Mark Carney said on Tuesday, as Ottawa looks for ways to lift economic growth.

The airports concerned are in Toronto, Montreal, Calgary and Vancouver. The Liberal government had signalled last year that it was examining options to draw more investment into the sector, but had not set out which facilities would be involved.

Speaking at the opening of an investor summit in Toronto, Carney said the government would keep ownership of the underlying land and assets while handing operational control to private partners under long-term arrangements.

"We will seek private investment through long-term concessions to operate Canada's four largest airports," he said, adding that the move would "unlock their true value, by bringing in new capital and expertise into their operations and growth."

The summit has drawn dozens of global investors to Toronto this week. Carney is using the gathering to court funding for more than 160 projects that he has described as central to guiding Canada's economy through a trade war with the United States.

Two asset managers attending the event said on the sidelines that they would be interested in putting money into airports.

The proposal is likely to face resistance from Canadian labour groups, which have argued against privatization on the grounds that it would push up costs for travellers.