Federal and provincial authorities have committed to funding the lion’s share of modernization costs for Port Saint John, eastern Canada’s largest port, according to CBC.
The national government and the government of New Brunswick province each will contribute US$68.3m for a combined US$136.6m out of a total project cost of US$205m. Port Saint John will pay the balance.
The federal portion of the funding had been initially proposed last year but was held up because of the general election last October.
Modernization work will include: upgrading the Rodney and Navy Island terminals so they can handle larger container vessels; and installing operational systems and technology to enhance cargo-handling capabilities.
Work should begin in 2017.
Port Saint John is a year-round, deep water port that handles an average of 28 million tonnes of cargo annually.