Since early 2020, the CIB has quickly evolved, in both leadership and mandate such that it is well-placed to leverage private investment and get more critical public infrastructure built - from clean energy, to public transit, to broadband, to trade corridors.
Today, the Honourable Catherine McKenna, Minister of Infrastructure and Communities, is very pleased to announce the appointment of Tamara Vrooman as Chairperson of the Canada Infrastructure Bank, effective January 27, 2021.
"Tamara is an excellent choice for Chair of the Canada Infrastructure Bank. She brings a strong financial and infrastructure background, and important leadership skills to the role. Tamara is the CEO of the Vancouver International Airport, led Canada's largest community credit union through the 2008 financial crisis, and served as B.C.'s Deputy Minister of Finance where she steered the Ministry's $36 billion fiscal plan, resulting in three AAA credit rating upgrades. She has the right background and experience, and she knows how to get things done," said Catherine McKenna, Minister of Infrastructure and Communities.
"I've had the privilege of working directly with Tamara when she was co-Chair of the 2018 Panel on Climate, advising myself and the Finance Minister. Tamara clearly understands the critical role of infrastructure in building our country, growing our economy, creating jobs and attracting investment and tackling climate change," added Minister McKenna.
Ms. Vrooman is one of Canada's most respected executives. She brings to the CIB a wealth of experience in forming partnerships with domestic and global institutional investors on revenue-generating projects and engaging with public sector stakeholders.
"I'm honoured to be asked by Minister McKenna to serve as Chair of the Canada Infrastructure Bank. We have a vitally important job to do in fostering economic growth in Canada, at an especially critical time, through attracting and leveraging private investment for critical infrastructure projects. I'm also delighted to work with Ehren Cory and the Board of Directors to ensure the CIB fulfills its mandate," said Ms. Vrooman. "Because of my background in both the public and private sectors, I believe I can be useful in bridging between the two to help the CIB develop and finance public interest projects of national importance."
The Board of Directors is responsible for governance and oversight of the Canada Infrastructure Bank. Ms. Vrooman will work with Ehren Corey, the Bank's dynamic CEO, who was appointed in October 2020, as the CIB continues to deliver on the three-year, $10-billion Growth Plan. The Growth Plan is focused on investing in projects in five key sectors, including transit, green infrastructure, clean power, broadband and trade and transportation. Ms. Vrooman replaces former CIB Chairperson Michael Sabia, who was appointed Deputy Minister of Finance by the Prime Minister in December 2020.
"The Canada Infrastructure Bank has the key elements in place to deliver jobs and growth and nation-building infrastructure for Canadians, at a time when it is critically needed," said Minister McKenna.
"On behalf of the Board of Directors, we welcome the appointment of Tamara as Chair. We look forward to adding her leadership, skills, and impressive track record to our team as we continue making impactful infrastructure investments across the country," said Stephen Smith, Governance Committee Chair, CIB Board of Directors.
Quick facts
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The Canada Infrastructure Bank was designed to invest, and seek to attract private and institutional investment in infrastructure projects that will generate revenue and that will be in the public interest. To this end, the CIB engages with private sector partners early in the project planning and design process, advances revenue-based business models, and explores new and innovative approaches to project finance delivery.
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As part of the Government of Canada's historic $180-billion Investing in Canada plan, the CIB is helping build high-value, transformative infrastructure for Canadians by attracting investment from private sector and institutional investors.
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As a Crown corporation, the CIB is governed by an independent Board of Directors. The Board is responsible for making financing decisions, as well as the governance and oversight that will enable the CIB to successfully deliver on its mandate. The CIB is accountable to Parliament through the Minister of Infrastructure and Communities.
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Over the next three years, the CIB's $10-billion Growth Plan will help Canadians get back to work and is expected to create approximately 60,000 jobs across the country. The plan will connect more households and small businesses to high-speed Internet, strengthen Canada's agriculture sector, and help build a low-carbon economy.
