You said government sponsored. Projects that big will have to be. Do you have a system for the government to collect thet billions that will be required to start this project voluntarily?
Look like Lincoln issued money or Kennedy wanted to ( but was shot ) , to grasp how it could be done. There is no collecting only issuing debt and interest free money in enough quantity ( depending on GDP growth ) to not to screw up economy.
But getting rid of banks , government can issue its own money instead of lending from banks ( the same inflation but reduced side effects ) , and can reduce taxes at the same time since there is no interest or debt to pay back.
The key it to get rid of private banks as we know it.