The Canada Infrastructure Bank (CIB) and the Montreal Port Authority (MPA) are moving to the next stage of planning for a container terminal project in Contrecoeur, which would expand the Port of Montreal.
The companies signed a memorandum of understanding to establish financial structuring of the project, which includes planning and pre-procurement activities for the design, construction, financing, operation and maintenance of the terminal.
The Port of Montreal is the only container port in the province of Quebec and the largest port in Eastern Canada, according to CIB. It also provides the shortest direct route from Europe and the Mediterranean to North America. In 2018 alone, it handled more than 1.7 million containers.
The 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.
CIB noted that the terminal in Contrecoeur would enhance the port’s infrastructure that supports the flow of goods from container ships and increases current and future capacity for the ensuing decades. The bank said its work could lead to an investment in the project, subject to all standard due diligence and decision making.
