The Government of Canada has opened applications for senior leadership positions at the Canada Infrastructure Bank, a new place for provincial, territorial, and municipal partners to finance infrastructure projects across Canada.
The Canadian government is running a merit-based selection process to select a CEO, a chairperson of the bank’s board, and the board of directors, who will form the bank’s senior leadership team. The team will work on preparing the bank to begin operations in late 2017, if approved by Parliament.
“We are excited to be taking this next step towards the creation of the Bank,” said Amarjeet Sohi, the minister of infrastructure and communities. “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.”
The Canadian government said that the selection process aims to attract highly-qualified individuals, while taking gender parity and diversity into consideration. Applications for each of the opportunities can be submitted through the Government of Canada’s Governor in Council Appointments website.
“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.”
In addition to announcing its search for senior leadership, the Government of Canada also announced that the Canada Infrastructure Bank will be located in Toronto. The bank is part of the Canadian government’s Invest in Canada Plan, which includes a commitment of $180 billion in infrastructure funding over 12 years in public transit, green infrastructure, social infrastructure, transportation that supports trade, and Canada’s rural and northern communities.
“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,” said Bill Morneau, the minister of finance. “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.”
Financing infrastructure such as trade and transportation corridors would be a win for Canadian entrepreneurs, who often have to travel between corridors such as Toronto-Waterloo to different offices, conferences, and meetings. In the past, several entrepreneurs have spoken out about how poor transit is a major issue for startups in Ontario.
In 2015, Stephen Lake, CEO of Thalmic Labs, said while there are Go train services between Toronto and Kitchener-Waterloo, the transit system is outdated because it doesn’t reduce the four-hour commute time.
The Canada Infrastructure Bank is meant to build new infrastructures like green energy transmission and trade and transportation corridors by attractive private sector and institutional investors. If approved by Parliament, the bank would invest $35 billion from the federal government into infrastructure projects.
Also, $15 billion would be sourced from the $180 billion Investing in Canada infrastructure plan, with $5 billion for public transit systems; $5 billion for trade and transportation corridors; and $5 billion for green infrastructure projects.