Canada appoints ex-RBC executive Fukakusa as infrastructure bank chair

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.

Canada’s 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 C$180 billion ($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 C$4 to C$5 of private
funding for every C$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.
($1 = 1.2939 Canadian dollars)
(Reporting by Matt Scuffham, editing by G Crosse)

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