CIB signs MoU with Port of Montreal for Contrecoeur Port expansion

The Canada Infrastructure Bank (CIB) has signed a Memorandum of Understanding (MoU) with the Montreal Port Authority (MPA) to advance the development of a proposed container terminal in Contrecoeur port.

Under this MoU, CIB and MPA will work on financial structuring of the proposed terminal.

The port’s design plan, pre-procurement activities, construction, financing, operation and maintenance of the terminal form part of the due diligence.

The proposed terminal is expected to boost Canada’s economic growth and international trade by enabling importers and exporters to efficiently deliver products to market.

This terminal is expected to enhance the port’s infrastructure, which will in turn help to enhance the flow of goods from container ships. It will also help the port to cater to existing and future capacity requirements.

Montreal Port Authority president and CEO Sylvie Vachon said: “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.”

Canada Infrastructure Bank president and CEO Pierre Lavallée said: “Our collaboration with the Montreal Port Authority demonstrates our commitment to developing trade and transportation infrastructure that will support Canadian economic growth in a responsible, efficient and sustainable manner.”

Considered to be the largest port in Eastern Canada, the Port of Montreal handled more than 1.7 million containers in 2018.

It also provides the shortest direct route to Europe, the Mediterranean and North America.