Ottawa appoints ex-RBC exec Fukakusa as infrastructure bank chair: Reuters

Janice Fukakusa, a former Royal Bank of Canada chief financial officer, was appointed on Thursday as the first chairperson of Canada’s new infrastructure bank, the country’s infrastructure minister said.

“Today’s announcement is another step forward in fulfilling our commitment to have the Canada Infrastructure Bank operational by the end of 2017,” Infrastructure Minister Amarjeet Sohi said in a statement on Thursday.

The Liberal government announced last November it would set up the agency to facilitate private investment in such projects as new roads and bridges in order to supplement government investment with funding from investors such as pension and sovereign wealth funds.

The creation of the new entity is part of a broader plan to invest $180 billion (US$139 billion) over 12 years in improving the country’s infrastructure.

The government advisory panel that recommended the bank’s creation had said it could look to raise $4 to $5 of private funding for every $1 provided by taxpayers to fund projects.

The government also plans to appoint a chief executive and board members for the bank in the coming months, it said.

(Reporting by Matt Scuffham, editing by G Crosse)

(This story has been edited by Kirk Falconer, editor of PE Hub Canada)

Photo courtesy of Royal Bank of Canada