a well-backed project
On January 20, the Port of Montreal received a terrific boost in achieving its development objectives. In the presence of Montreal mayor Denis Coderre and many partners of the Port of Montreal, the federal Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of Quebec, Denis Lebel, announced a $43.7 million subsidy. Available through the National Infrastructure Component of the New Building Canada Fund, this money will support our development projects intended to ensure that our already very busy facilities can adapt to meet projected growth.
Our project has three components:
1. Increase our cargo handling capacity;
2. Deepen vessel berths;
3. Improve the flow of truck traffic to, from and at the port.
The project’s total cost is estimated at $132 million. When completed, the Port of Montreal’s total handling capacity will rise from 1.7 to 2.1 million TEU (20-foot equivalent unit) containers, berths will be able to accommodate larger vessels, and trucks will enjoy a more direct route between port territory and the main arteries serving it.
I would like to thank the federal government for recognizing the port’s important role in the economy and the need to adapt its facilities for the future growth in demand.
It’s true: investing in the development of the port directly supports the national economy at the same time. The Port of Montreal alone generates 16,500 direct and indirect jobs, and projects in the Viau sector to enhance our cargo handling capacity will add a further 2,500. In addition, port-related activities contribute $2.1 billion to the Canadian economy. On its own, the Viau project will generate $340 million in economic benefits.
Thank you again to the government of Canada. Minister Lebel can be confident that this financial contribution will be put to the service of our economy and our society!
President and Chief Executive Officer
Montreal Port Authority