Canada Initiates Search for New Chair of the Canada Infrastructure Bank

The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, announced today that the government is starting the process of selecting a new Chair for the Canada Infrastructure Bank (CIB). This step is part of an effort to ensure that the CIB continues to play a vital role in Canada’s infrastructure development.

The CIB was created to help modernize and expand Canada’s infrastructure. By working with various levels of government and private investors, the CIB invests in projects that are expected to generate revenue and support public interests. Its focus areas include public transit, clean power, green infrastructure, broadband, and trade and transportation.

One of the CIB’s main functions is to attract private and institutional capital to infrastructure projects across the country. As of December 2023, the CIB has committed $11.6 billion to 56 projects and has attracted an additional $11.1 billion in private and institutional investment. These projects not only help build essential infrastructure but also create jobs and stimulate economic growth.

The CIB is crucial in Canada’s effort to address the housing crisis by enabling infrastructure that supports housing development. By investing in infrastructure that makes new housing projects feasible, the CIB helps reduce bottlenecks and streamline processes that often delay housing construction. This is especially important as Canada seeks to increase the availability of affordable housing and reduce homelessness.

The selection process for the new Chair aims to find someone with significant experience in leadership, board governance, and sectors relevant to infrastructure and housing. The government’s commitment to a transparent and merit-based selection process reflects the importance of this role in shaping the future of Canada’s infrastructure.

Minister Fraser emphasized the need for effective leadership at the CIB, noting that the successful candidate will be key to advancing the federal government’s long-term infrastructure goals. This includes creating jobs, fostering economic growth, and transitioning to a net-zero future, alongside supporting housing development and reducing red tape.

The launch of this selection process highlights Canada’s commitment to developing a robust infrastructure framework. By choosing a leader with the right experience and vision, the CIB will continue to drive projects that benefit Canadians and support the country’s economic and social objectives.