CAD$300m for port project
Canada Infrastructure Bank (CIB) is committing up to CAD$300m in financing for a new container terminal in the country.
The CAD$300m will be used to build the Port of Montreal's new container terminal in Contrecoeur. CIB's support will provide long-term capital to bridge the gap between periods of construction, revenue growth and achieving project profitability. The financing also supports the port’s efforts to secure private sector deals to complete the financial structuring of the project.
"We will be more competitive, which will strengthen Montreal's role as a hub for maritime trade in Eastern Canada. This will support national economic prosperity through job creation and supply chain development," said Sylvie Vachon, president and CEO of the Port of Montreal.
As part of a joint press conference with the Port of Montreal, Pierre Lavallée, president and CEO of the CIB highlighted the environmental impact 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 commented.
This announcement follows the signing of a MoU between the CIB and the Port of Montreal last August. The two organisations collaborated to develop the Contrecoeur project, particularly in terms of financial structure. "Given CIB's mandate is to attract private investment in projects of public interest, this support validates the national importance of our project and the strength of its structure," said Ms Vachonn.
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