MONTREAL — The Canada Infrastructure Bank (CIB) has announced its seventh investment project, committing $300 million in financing to the Port of Montreal’s plan to build a new container terminal in Contrecoeur.
The spending will allow the Port of Montreal to increase its container handling capacity, stated a Dec. 4 release.
“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, in the statement.
As part of a joint press conference with the Port of Montreal, Pierre Lavallee, president and CEO of the CIB, noted that the bank’s investments are in different sectors and 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 said.
“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.”
The CIB signed of a memorandum of understanding with the Port of Montreal last August. The memorandum focused on the project’s financial structure.
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