Prime Minister Mark Carney says Ottawa will open Canada’s four largest airports to private investment through long-term operating agreements while keeping the properties in public hands.

The plan covers Toronto Pearson, Montréal-Trudeau, Vancouver International and Calgary International airports. Carney said Tuesday at the Canada Investment Summit that Ottawa would retain ownership of the underlying land and assets.

Private investors would provide capital and operating expertise. Ottawa expects the agreements to raise “tens of billions” of dollars, which Carney said would be redirected into regional airports, passenger rail, public transit and broadband infrastructure.

The four airports are managed by private, not-for-profit airport authorities on federal land. Across the national airport system, ground-lease payments generate $525 million annually for Ottawa, according to the Canadian Airports Council.

Airport authorities now finance infrastructure primarily through borrowing and charges paid by passengers and airlines. Canadian pension funds, including CPP Investments, already invest in airports overseas. “It’s time to bring that same expertise back home to more directly benefit Canadians,” Carney said.

Longer leases would provide certainty for investments in terminals, cargo facilities, hotels, parking, retail space and development lands. Details on the length, valuation and bidding structure of the operating agreements have not been released.

Carney said Ottawa reviewed airport transactions in other countries and intends to apply lessons from deals that performed poorly. He did not identify those transactions or specify the safeguards Canada may adopt.

The announcement formed part of Carney’s pitch to secure $1 trillion for 167 projects over five years.