New infrastructure bank CEO says first project still some time away
OTTAWA — The new chief executive of the federal infrastructure agency says it could be well into 2019 before it will be ready to announce its first investment.
The Trudeau government today announced that Pierre Lavallee, a former senior executive of the Canada Pension Plan Investment Board, will be the first CEO of the Canada Infrastructure Bank.
The bank is a key component of the Liberal government’s long-term economic growth strategy with a mandate to use at least $35 billion in public funds to attract four to five times as much private capital to build revenue-generating public infrastructure projects such as pipelines, electricity grids and transit.
Lavallee told The Canadian Press there is no deadline for making the first investment, but a lot has to happen before then.