The Canada Infrastructure Bank (CIB) has announced it is committing up to $300 million in financing to the Port of Montreal for its project to build a new container terminal at Contrecoeur. The financing, which follows the signing of a memorandum of understanding between the two organizations last August, reflects significant support for the expansion of Eastern Canada’s largest port which has to further expand its activities to fully participate in Canada’s economic growth.
At the related news conference, CIB’s president and CEO Pierre Lavallée highlighted the Contrecoeur project’s sustainability. « Without the Contrecoeur terminal, ships would have to travel to U.S. ports, which would increase greenhouse gases and air polluting emissions. »
In 2018, the Port of Montreal handled more than 1.7 million TEU (twenty foot equivalent) containers. The port also provides the shortest direct route from Europe and the Mediterranean to North America.