Canada Infrastructure Bank (CIB) announces that it will work with Montreal Port Authority (MPA) to advance the project development of a new container terminal in Contrecœur, where the Port plans to expand its activities. The Memorandum of Understanding confirms that CIB and MPA will conduct due diligence on the proposed terminal, which will include planning and pre-procurement activities for the design, construction, financing, operation and maintenance of the terminal. CIB’s work could lead to an investment in the project.
The objective of the new terminal is to enhance the ability of importers and exporters to get products to market in a timely fashion, and to support Canada’s economic growth and international trade. The new terminal would enhance Port of Montreal’s infrastructure that supports the flow of goods from container ships and increases capacity for the next decades. The port of Montreal is the only container port in the province of Quebec and the largest port in Eastern Canada. In 2018 alone, it handled more than 1.7 million containers.
CIB has specialized infrastructure expertise and this project is consistent with its mandate to advise on and potentially invest in trade and transportation infrastructure projects that are revenue-generating and in the public interest. It is focused on transformational projects that are revenue-generating and in the public interest. Public transit, trade and transportation, green infrastructure and broadband are the priority sectors for investment. As a Crown corporation, CIB is mandated to use $35 billion in federal funding to attract private sector and institutional investment and to work with provinces, territories, municipalities, indigenous and private partners to transform the way infrastructure is planned, funded and delivered in Canada.