🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Canada appoints ex-RBC executive Fukakusa as infrastructure bank chair

Published 2017-07-06, 12:39 p/m
© Reuters.  Canada appoints ex-RBC executive Fukakusa as infrastructure bank chair
RY
-

TORONTO, July 6 (Reuters) - Janice Fukakusa, a former Royal Bank of Canada RY.TO 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)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.