Montreal port CEO says need for federal cash ‘urgent’ as expansion cost balloons | 24CA News
The price of the Montreal port growth has ballooned by practically 50 per cent, prompting its CEO to name for additional cash from the federal authorities.
Martin Imbleau, who heads the Montreal port authority, claimed it might probably wait solely “a few weeks” for the extra funding he’s requested from Ottawa to finance the brand new transport container terminal, dubbing the necessity “urgent.”
“What I had the opportunity to say, which was confirmed to me in my conversation with the minister, is that federal contribution and participation were a matter of weeks and not months,” Imbleau instructed The Canadian Press in an interview Thursday, two days after he spoke with Transport Minister Omar Alghabra.
“We can make do with that timeline. It is still urgent, and that is the message that I communicated,” he stated in French.
The mission price ticket has risen from a $950-million ceiling to about $1.4 billion on account of inflation, in response to two sources accustomed to the matter who weren’t approved to discuss it because of confidential negotiations.
Alghabra stated the federal government is dedicated to supporting the growth, however he has but to supply a response on whether or not or how a lot Ottawa would possibly present.
“We have never turned down a funding application from the Port of Montreal. We are currently working with them on this ongoing application,” he instructed reporters in Ottawa on Wednesday.
“We in the government of Canada have a process that sometimes can take longer than we’d like, but we’re working through the process for this project and I’ve committed to the CEO that we’re going to work with them on getting to an answer soon.”
The new terminal — about 50 kilometres downstream of downtown Montreal in Contrecoeur, Que. — would increase the port’s container capability by 60 per cent to 2.1 million TEUs (20-foot equal models), as Canada’s provide chain nears what a federal process power deemed a “breaking point.”
In an October report, the group cited hurdles starting from wildfires and floods to “wild swings” in provide and demand because of the COVID-19 pandemic, and known as for extra funding in important infrastructure — “before our country’s reputation as a reliable trading partner is further tarnished, as we heard from stakeholders and U.S. trading partners.”
The Canada Infrastructure Bank pledged a $300-million mortgage to the port mission in 2019, and the Quebec authorities allotted a $75-million grant in its newest funds, on prime of the $55 million already earmarked.
— With information from The Canadian Press’ Stephane Rolland
© 2023 The Canadian Press
