Contrecoeur Port Terminal is located in Montreal, Quebec and managed by the Montreal Port Authority.
This announcement follows the signing of a memorandum of understanding between the CIB and the Port of Montreal last August. The two organizations collaborated to develop the Contrecoeur project, particularly in terms of financial structure.
The proposed new Contrecoeur Port Terminal will increase container handling capacity and meet forecast demand from international shippers.
The new terminal will help exporters get products to market more quickly, support economic growth and Canada’s international trade, the CIB said. The terminal will modernize the infrastructure that supports the flow of goods from container ships and reduce current capacity issues.
The new terminal also supports the Montreal Port Authority’s mission of contributing to the economic development of Greater Montreal and supporting Canada’s industrial heartland in Quebec and Ontario.
The Montreal port is the shortest direct route from Europe and the Mediterranean to North America. By using Montreal’s ports, businesses have access to 40 million consumers within one trucking day and 70 million consumers within two rail days.
“This financial commitment demonstrates how the CIB works with the public and private sectors to deliver projects that support economic growth. The Contrecoeur expansion will strengthen and diversify our trade with other countries. Given the Port's central role in the Canadian economy, this wealth creation will have an impact on the entire country,” said Pierre Lavallée, President and CEO of the CIB.
CIB's support will allow the Port of Montreal to increase its container handling capacity. “We will be more competitive, which will strengthen Montreal's role as a hub for maritime trade in Eastern Canada. This will support national economic prosperity through job creation and supply chain development,” said Sylvie Vachon, President and CEO of the Port of Montreal.
The container market at the Port of Montreal has been growing for more than 50 years. It is the largest port in Eastern Canada, handling more than 1.6 million containers in 2018.