Canada Infrastructure Bank announced commitment up to CAD 300 million (US$ 226.28 million) in financing to the Port of Montreal’s project to build a new container terminal in Contrecoeur.

The Canada Infrastructure Bank’s (CIB) financing demonstrates significant support for the expansion of the largest port in Eastern Canada, which must expand its activities to fully participate in national economic growth. This project will enable the port to meet the needs of the market in the coming decades.

CIB’s financial commitment is a major step forward in the development of the Contrecoeur project. It enables the Port of Montreal to continue working, in collaboration with the private sector, to complete the financial structuring of the project by promoting the fact that the project benefits from a solid financial commitment of 300 million dollars from the CIB.

CIB’s financial commitment is a provision of long-term capital to bridge the gap between periods of construction, revenue growth and achieving profitability of the container terminal.

The financing of the CIB is a recognition of the transformative nature of the Contrecoeur terminal project. This commitment also illustrates the interest of market players in the project and its potential to attract private investors.

The project includes design, construction, financing, operation and maintenance of new container terminal in Contrecoeur. The objective of the new terminal is to continue to enable importers and exporters to get products to market in a timely fashion and to support Canada’s economic growth and international trade. 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 next decades.