Montréal, QC — The Québec government is granting $40 million in financial assistance to the Montréal Port Authority in order to upgrade its infrastructures, which will help increase productivity and maintain the competitiveness of the Port, the second largest in Canada.
This financial assistance will enable Québec and Canadian shippers to benefit, in particular, from gains in terms of terminal capacity and fluidity and, generally speaking, from a better quality-price ratio offered by the Port facilities.
This financial support is granted under Component 1 of the Programme de soutien aux investissements dans les infrastructures de transport maritime (PSIITM) or support program for marine transportation infrastructure investments, which seeks to ensure rapid and concrete implementation of the Maritime Strategy of the Gouvernement du Québec.
“The project in question today has the goal of consolidating the development of port assets to support growth which, in fact, is achieving the objectives shared by the MPA and the Gouvernement du Québec, under the Maritime Strategy,” said Sylvie Vachon, President and CEO of the Montréal Port Authority. “The amounts allocated today will be invested strategically and contribute to the development and takeoff of the entire port and Montréal community, of course, as well as to the growth of the Québec economy as a whole.”
“The improvement of our port infrastructures is one of the key components of the Québec Maritime Strategy,” said Jean D’Amour, Minister for Maritime Affairs. “This is one of the key conditions for the maintenance of our status as gateway of international trade in North America. By investing in this way in the Port of Montréal, we are laying the foundations of sustainable prosperity and competitiveness that will benefit the entire Québec population.”
The goal of the PSIITM is to favour investments in Québec’s marine freight and passenger transportation infrastructures, with a concern for competitiveness and sustainable development.
It has three components:
Marine and intermodal freight transportation infrastructures
Freight transportation pilot projects
Marine passenger transportation infrastructures
The Montréal Port Authority is getting $40M from the province in order to upgrade its infrastructures