MONTREAL — The Canada Infrastructure Bank (CIB) has announced it will work with the Montreal Port Authority on project development of a new container terminal in Contrecoeur.
A memorandum of understanding has been negotiated indicating that the CIB and the port authority will work on the financial structuring of the proposed terminal, explained an Aug. 14 statement. The process will include planning and pre-procurement activities for the design, construction, financing, operation and maintenance of the terminal, possibly leading to an investment by the CIB, said the bank.
The Port Authority’s proposed Contrecoeur expansion will result in new infrastructure to help Canadian importers and exporters get products to market in a timely fashion by increasing capacity, said the CIB. Improvements to the port’s infrastructure will support the flow of goods from container ships and increase current and future capacity.
The Port of Montreal is the only container port in the province of Quebec and the largest port in eastern Canada. In 2018, it handled more than 1.7 million containers.
“The Canada Infrastructure Bank is proud to contribute its expertise to the development of the port terminal project in Contrecoeur to maximize its commercial value and attract private investors. Our collaboration with the Montreal Port Authority demonstrates our commitment to developing trade and transportation infrastructure that will support Canadian economic growth in a responsible, efficient and sustainable manner,” commented CIB president and CEO Pierre Lavallee in the statement.