The Montreal Port Authority (MPA) has welcomed the additional financial support of $75 million granted to its expansion project in Contrecoeur by the Government of Quebec as part of the 2023-2024 budget unveiled last week by Finance Minister Éric Girard. It adds to the $55 million announced in 2021 by the Quebec government.
The MPA thanks the Government of Quebec for this financial support and salutes its commitment to port development and essential supply chains for the benefit of the entire population. The Port of Montreal allows companies from Quebec, Ontario and the rest of Canada to export and import their goods by being connected to 140 countries on all continents.
“The Quebec government’s support is an important signal for the MPA and a reflection of our common desire to serve Quebec businesses with a more efficient, sustainable and resilient supply chain,” said Martin Imbleau, President and CEO of the MPA. “This contribution will allow us to continue the work required to develop the new container terminal in Contrecoeur and to participate fully in economic development, in a context where, with the recent crises that have affected supply chains and the economy, it is more necessary than ever to put in place the trade infrastructures that are critical for the future. This move by the Quebec government will consolidate a strong link in the St. Lawrence corridor for several decades to come.”
The project estimated at $750 million aims to increase container handling capacity by 1.15 million TEUs, while capitalizing on the ecosystem of 6,000 transportation and logistics companies and the existing critical mass in Greater Montreal, to effectively meet demand and continue the growth that began more than 50 years ago.
The announcement of the winning bidder for construction, financing and operation is slated for the third quarter of 2023.
(Image from Port of Montreal)