Port of Montréal receives federal funding

By Finance

The Honorable Denis Lebel, Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of Quebec, joined by Sylvie Vachon, President and Chief Executive Officer of the Montréal Port Authority, made an announcement regarding a major investment in key enhancements that were planned to be implemented at the Port of Montréal.

The three main aspects of the above-mentioned project center around the expansion of container capacity in the Viau sector, the establishment of deeper vessel berths, and the optimization of truck traffic flow in and around the port area. These efforts are expected to increase a large portion of the Port’s handling capacity, while also facilitate the accommodation of bigger ships, and to a large degree improve the traffic flow for the 2,500+ trucks that pass through the Port of Montréal on a daily basis.

The Port of Montréal will be provided with approximately $ 43, 666, 667 of financing via the National Infrastructure Component of the New Building Canada Fund for the integration of these major upgrades. This project marks the first funding announcement under the National Infrastructure Component and it is also the very first one to receive funding via this program in Québec. The National Infrastructure is a key part regarding the federal government’s New Building Canada Plan. It is designed to provide support to projects that are of national significance and have or are expected to produce a major positive impact on the country’s economy.

This project is aimed at ensuring that the already very busy ports will manage to support growth and be able to meet the requirements dictated by the increasing demand, more specifically that of the additional business that is expected from the Comprehensive Economic and Trade Agreement that was just recently signed between Canada and the EU. In a way this trade agreement has reserved its place in history because it will not only open new markets to Canadian exporters throughout the European Union, but it will also expand the two-way trade and produce major positive effects for all Canadians. The project will also help the Port solidify its status of a vital global shipping link while at the same time stimulate economic activity and development on a local and regional as well as a national level.