Tuesday, May 09, 2017

Canada Infrastructure Bank to be based in Toronto; search ramps up for leadership

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Canada will headquarter its new infrastructure bank in Toronto, ON, and has also launched an intense search for the bank's senior leadership.

"We are excited to be taking this next step towards the creation of the bank," said Canadian Minister of Infrastructure and Communities Amarjeet Sohi. "We will be looking for talented and experienced leaders from across the country to ensure that the Bank meets its mandate: build more infrastructure for Canadians that will create growth and equip our communities for a more sustainable and productive future."

The Canada Infrastructure Bank is part of the Canadian government's CA$180-billion (US$131.1-million) Investing in Canada infrastructure plan that will commit up to CA$35 billion (US$25.5 billion) from the federal government into new infrastructure projects that contribute to economic growth and support the creation of middle class jobs.

Former Metrolinx President and CEO Bruce McCuaig began an advisory position with the Privy Council Office in late April to help support the launch of the new infrastructure bank. Minister Sohi said the search for the bank's senior leadership will be "open, transparent and merit-based" with the goal of having the bank operational in late 2017. The government will first select a chairperson of the board, followed by the board of directors and chief executive officer.

While the bank will be set up to finance infrastructure in all parts of Canada, the government said decision to headquarter it in Toronto was based on the city's established "global reputation for excellence as a center for infrastructure financing."

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