Canada to Open Infrastructure Bank in Toronto
The bank will be financed with $25.6 billion in government funds
Justin Trudeau is setting up a new infrastructure bank in Toronto, according to the report. The bank will be financed with $25.6 billion in government funds and is expected to open later this year.
The goal of the bank, according to the report, is to attract private funding to build new projects, specifically those that can produce a return on investment for those funding the projects. The bank will look for five to six private for every government dollar.
The decision to open the bank in Toronto goes against the wishes of the Canadian oil community, which is primarily based in Calgary.
“Locating the headquarters in Toronto region also gives the new organization the best chance of tapping into the excellent talent base that supports our leadership in financing, infrastructure and P3 partnerships,” Janet Ecker, president and chief executive officer of the group, said in a written statement. The city “sets the infrastructure bank up for success.”
Trudeau’s cabinet will have broad control over the hiring process of the bank employees, but it will remain largely privatized.