The CIB's board of directors selects the projects it invests in.
As to the communication process and discussions with the various orders of government, the CIB has many discussions, depending on the project, but not with the federal government. Those discussions are within the CIB itself, so it can make the decisions it considers appropriate for the government of Quebec or communities in Quebec.
I know it has invested in various projects in Quebec and has had discussions with the Quebec government.