Briefing

Infrastructure Bank puts up $300 million for Port of Montreal container terminal

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The expansion in Contrecoeur, Que. is projected to cost between $750 million and $950 million. Work was originally scheduled to begin in 2021, with the terminal opening in 2023 or 2024. But securing environmental assessments for the site and private funding for the remaining budget could push back the construction timeline. (La Presse, The Canadian Press)

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Talking point: The Montreal Port Authority was previously considering issuing more debt to fund the project. While it still needs to raise more money, the Infrastructure Bank’s cash is meant to help start construction and tide the port over until the new terminal becomes profitable. It’s the arm’s-length agency’s seventh announced project; so far, it’s committed $3.65 billion of its original $35 billion 10-year budget. It’s also the Infrastructure Bank’s second major investment in the Greater Montreal region, following a $1.28-billion loan for an electric rail line, announced in August 2018.