Port of Montreal secures C$1.16bn loan for Contrecœur expansion

April 15, 2026

The Port of Montreal has secured a C$1.16 billion ($837.5 million) loan from the Canada Infrastructure Bank for its Contrecœur expansion project.

The announcement was made at the project site by Canadian Prime Minister Mark Carney, in the presence of Steven MacKinnon, Minister of Transport and Leader of the Government in the House of Commons, Jean Boulet, Minister of Labour, Minister of Economy, Innovation and Energy, and Minister responsible for Québec’s Maritime Strategy, and Nathalie Pilon, Chair of the Montreal Port Authority Board of Directors.

According to the port, the Canada Infrastructure Bank’s participation will help reduce the project’s cost of capital, allowing the Montreal Port Authority to maintain its investment-grade credit rating while preserving cash flow for ongoing operations.

The port also said BMO Capital Markets acted as financial advisor to the authority in closing the agreement.

READ: DP World to lead land works at Montreal’s Contrecœur terminal

The project is being funded through a mix of government and private sector support, which the port said will cover more than 85 per cent of total costs.

The Government of Québec has contributed C$130 million ($93.9 million), while Transport Canada has contributed C$150 million ($108.3 million). The full financing package is to be repaid through independent revenues and contributions from the private sector as terminal operator.

The published timeline shows in-water works in 2026, including quay wall construction and infrastructure required for vessel access and operations, to be carried out by a joint venture between Pomerleau and Aecon.

In 2027, work is set to move to terminal and logistics infrastructure, including development of the intermodal yard, terminal construction, and installation of ship-loading equipment. Commercial operations are expected to begin in 2030.

READ: Port of Montreal progresses with Contrecoeur expansion

The port said the project is expected to create 4,000 jobs per year during construction and support up to C$750 million ($541.5 million) in additional average annual GDP.

It added that the Contrecœur terminal will have annual capacity of up to 1.15 million TEUs, representing about 60 per cent of the Port of Montreal’s current capacity.

The development follows authorisation from Fisheries and Oceans Canada for the expansion of port facilities in Contrecœur and the continuation of construction on the new container terminal.