The Canada Infrastructure Bank (CIB) has committed up to C$300 million ($227 million) in financing the Port of Montreal’s project to build a new container terminal in Contrecoeur.
A statement released on 4 December noted that the port ‘must expand it’s activities to fully participate in national economic growth’.
The CIB’s commitment will allow the Port of Montreal to increase its container handling capacity.
“This financial commitment demonstrates how the CIB works with the public and private sectors to deliver projects that support economic growth. The Contrecoeur expansion will strengthen and diversify our trade with other countries. Given the Port’s central role in the Canadian economy, this wealth creation will have an impact on the entire country,” said Pierre Lavallée, President and CEO of the CIB.
As part of a joint press conference with the Port of Montreal, Lavallée also highlighted the eco-responsibility of the Contrecoeur project. “The CIB is now participating in seven projects. They are in different sectors, different regions, and all have potential for green benefits. Without the Contrecoeur terminal, ships would have to travel to U.S. ports, which would increase GHG and air pollutant emissions,” he indicated.
The announcement follows the signing of a memorandum of understanding between the CIB and the Port of Montreal last August.
In 2018, the Port of Montreal handled more than 1.7 million TEU containers. Operated by the Montreal Port Authority, the Port of Montreal is the second largest port in Canada.