Canada Ehren Cory appointed as new Canada Infrastructure Bank CEO

00:05  30 october  2020
00:05  30 october  2020 Source:   msn.com

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Appointed by then-premier Kathleen Wynne, Ehren Cory was CEO of Infrastructure Ontario for three years. Graham Paine/Metroland. The federal Liberals are expected to name Ehren Cory as the new chief executive of the Canada Infrastructure Bank , according to government sources, tapping the

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a man wearing a suit and tie smiling at the camera © Provided by The Canadian Press

The Canada Infrastructure Bank has appointed Ehren Cory as its new chief executive officer.

Cory previously served as Infrastructure Ontario's president and chief executive and prior to that, was a partner at McKinsey and Company.

The ministry of infrastructure and communities says Cory was selected because of his experience in the public and private sector and background in dealing with financing, building and managing significant projects.

Cory will be tasked with implementing the three-year, $10-billion growth plan the federal government announced in October as a way to help Canadians get back to work by creating about 60,000 jobs.

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Canada Infrastructure Bank attracts and co-invests with private sector and institutional investors in new , revenue-generating infrastructure projects that are in the public interest. Our priority areas are green infrastructure , clean power, public transit

The Canada Infrastructure Bank is a new Crown corporation that operates at arm's length from government and is governed by a Board of Directors. Over the next three years, the Canada Infrastructure Bank will deliver a billion Growth Plan to help Canadians get back to work

The government hopes the plan will also connect more households and small businesses to high-speed Internet, strengthen the country's agriculture sector, encourage the transition to clean power and help build a low-carbon economy.

Minister of Infrastructure and Communities Catherine McKenna says in a release that she supports Cory's appointment.

"I am pleased with the bank’s announcement of Ehren Cory as its new CEO, as he has extensive experience in getting innovative and large-scale infrastructure projects built," she says.

The government created the Canada Infrastructure Bank in 2017 to create partnerships between provincial, territorial, municipal, and Indigenous entities and leverage the private sector to build infrastructure.

Cory is replacing the bank's first CEO Pierre Lavallée, who departed the organization in the spring.

This report by The Canadian Press was first published October 29, 2020.

Tara Deschamps, The Canadian Press

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