Politics

Janice Fukakusa announced as new chair of Canada Infrastructure Bank

The federal government is hiring the former chief financial officer at one of Canada's largest banks to help oversee its new infrastructure-financing agency. Janice Fukakusa will chair the new board of the Canada Infrastructure Bank.

Search continues for CEO to promote private financing for public infrastructure

Janice Fukakusa, seen here in a file photo, retired from the Royal Bank of Canada earlier this year after a long career with RBC. (Norm Betts/Bloomberg News)

The federal government is hiring the former chief financial officer at one of Canada's largest banks to help oversee its new infrastructure-financing agency.

Infrastructure Minister Amarjeet Sohi announced Thursday that Janice Fukakusa will be the new chair of the Canada Infrastructure Bank.

Fukakusa retired in January from Royal Bank after a 31-year career at the bank.

Infrastructure Minister Amarjeet Sohi announced Fukakusa's appointment Thursday. Legislation to establish the new bank received Royal Assent in late June and a search is on for its first CEO. (Justin Tang/Canadian Press)

She will now have a role in selecting the remaining members of the board of directors that will oversee the agency's operations, as well as the chief executive.

The Liberals plan to have the new agency up and running by the end of the year.

Ottawa is planning to infuse the new institution with $35-billion hoping to pry three or four times that amount from the private sector for large-scale projects.

But the projects have to generate revenue, meaning they would result in new toll roads or bridges where user fees finance the construction costs.

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