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2mo ago

Ottawa Marks Start of Contrecœur Port Expansion With $1.16 Billion Canada Infrastructure Bank Loan

A major public loan signals Ottawa’s push to fast‑track a long‑delayed trade gateway.

Prime Minister Mark Carney greets port workers during an event announcing the start of construction on the Contrecoeur terminal expansion at the Port of Montreal in Contrecoeur, Que., Thursday, April 9, 2026. THE CANADIAN PRESS/Graham Hughes
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Overview

  • The Contrecœur expansion, marked Thursday with a ceremony attended by Prime Minister Mark Carney, came with a $1.16 billion loan from the Canada Infrastructure Bank.
  • The total cost has risen to about $2.3 billion from an $800 million estimate, forcing the port to piece together a complex mix of public and private financing.
  • Fisheries and Oceans approved the project after the port agreed to build new habitat for the endangered copper redhorse, and site work had already begun last fall.
  • The Montreal Port Authority is still negotiating with DP World to run the terminal, and the exit of CEO Julie Gascon last week leaves open questions about private investment terms.
  • The government calls this Canada’s largest port expansion, which aims to boost capacity by about 60 percent and open in 2030 with thousands of jobs projected.