Montreal Port Authority (MPA) has entered into a memorandum of understanding with The Canada Infrastructure Bank (CIB) to advance the development of a new container terminal in Contrecoeur.
Under the MOU, CIB and MPA will work on the financial structuring of the proposed terminal. The due diligence will include planning and pre-procurement activities for the design, the construction, the financing, the operation and the maintenance of the terminal. CIB’s work could lead to an investment in the project, subject to all standard due diligence and decision making.
MPA said 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.
The Port of Montreal is the only container port in Quebec and the largest port in Eastern Canada. The port handled over 1.7m containers in 2018.
“This commitment by the Canada Infrastructure Bank is a key milestone in the progress of our project towards its completion. This collaboration with this new partner confirms the national importance of our project, whose purpose is to support the growth of international trade for Canada,” said Sylvie Vachon, president and CEO of the Montreal Port Authority.