Government of Canada launches leadership search for Canada Infrastructure Bank
May 10, 2017 by On-Site Magazine
As part of the Government’s historic Investing in Canada plan to invest over $180 billion in infrastructure, the Canada Infrastructure Bank is a new tool for provincial, territorial, and municipal partners to finance the infrastructure that Canadians need.
On Monday, the Honourable Amarjeet Sohi, Minister of Infrastructure and Communities, announced that the Government of Canada has launched open, transparent and merit-based selection processes to identify the Bank’s senior leadership with the goal of having the Canada Infrastructure Bank operational in late 2017, subject to Parliamentary approval. Through these processes, the Government will first select a Chairperson of the board, followed by the Board of Directors and Chief Executive Officer.
“We are excited to be taking this next step towards the creation of the Bank. 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,” said Sohi.
The selection processes are designed to attract highly qualified individuals, while taking into consideration the desire to achieve gender parity and to reflect Canada’s linguistic, cultural, and regional diversity. Applications for each of these opportunities can be submitted through the Government of Canada’s Governor in Council Appointments website.
The Government of Canada also announced that the Bank will be located in Toronto, which has established a global reputation for excellence as a centre for infrastructure financing. The Bank will be set up to be able to finance infrastructure in all parts of Canada.
“The Canada Infrastructure Bank will allow us to transform how we plan, fund and build the projects we need to improve the lives of Canadians and our competitiveness around the world. The Canada Infrastructure Bank will help create thousands of jobs, shorten commutes, make our economy more attractive for investment and ultimately strengthen our middle class,” said Bill Morneau, Minister of Finance.
- The Government of Canada will provide more than $180 billion in infrastructure funding over 12 years for public transit, green infrastructure, social infrastructure, transportation that supports trade, and Canada’s rural and northern communities.
- The Canada Infrastructure Bank will invest up to $35 billion from the federal government into new transformative infrastructure projects that contribute to economic growth and support the creation of good well-paying jobs for the middle class.
- Subject to Parliamentary approval, the Bank would operate at arms-length from the government as a Crown corporation and would work with provincial, territorial, municipal, Indigenous, and private sector investment partners to attract pension funds and other institutional investors to new revenue-generating infrastructure projects that are in the public interest.
SOURCE: Infrastructure Canada