Janice Fukakusa announced as new chair of Canada Infrastructure Bank

The federal government is hiring the former chief financial officer at one of Canada's largest banks to help oversee its new infrastructure-financing agency.

Infrastructure Minister Amarjeet Sohiannounced Thursday that Janice Fukakusawill bethe new chairof the Canada Infrastructure Bank.

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Fukakusa retired in January from Royal Bank after a 31-year career at the bank.

She will now have a role in selecting the remaining members of the board of directors that will oversee the agency's operations, as well as the chief executive.

The Liberals plan to have the new agency up and running by the end of the year.

Ottawa is planning to infuse the new institution with $35-billion hoping to pry three or four times that amount from the private sector for large-scale projects.

But the projects have to generate revenue, meaning they would result in new toll roads or bridges where user fees finance the construction costs.

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