Yahoo Finance The Montreal Port Authority welcomes the Government of Canada's financial support for a project to increase containerized grain handling capacity
MONTREAL, Oct. 18, 2024 /CNW/ - The Montreal Port Authority (MPA) is delighted with the financial support of $12.5 million announced this morning by the Government of Canada, as part of the National Trade Corridors Fund (NTCF), for a project to redevelop and upgrade the grain containerization sector at the Port of Montreal.
Worth a total of $25 million, this project will increase and optimize operational space, and increase container storage capacity by 20% at the terminal operated by DG CanEst Transit Inc., which specializes in exporting containerized grain via the Port of Montreal to international markets. Over the past ten years, this sector has grown by 78% at the Port of Montreal, making it one of the most prolific.
"I would like to thank Transport Canada for its contribution to this important project, which will enable us to increase the capacity and efficiency of containerized grain handling, so as to better serve local producers and enable them to increase their exports to high-value-added niche markets via the Port of Montreal, to the benefit of companies, the supply chain and the Canadian and Quebec economy," said Julie Gascon, President and CEO of APM.
The financing announced today complements a project by DG CanEst Transit Inc., which had itself received financial support in 2022 to upgrade its existing infrastructure and purchase new equipment for its facilities.
The project will open the door to new export opportunities to markets in Asia, the Mediterranean, Northern Europe, the Middle East, Latin America and Africa.
The project's main milestones are
Commissioning of the electrical substation
Demolition of the old electrical substation
Work on the CanEst courtyard and rainwater outlet
Refurbishment of level crossing
Work in Port of Montreal Workshop 42 yard
The Port of Montreal is a major hub for grain handling. In addition to the containerized grain facility operated by DG CanEst Transit Inc. there is also a large bulk grain elevator operated by Viterra. Every year, millions of tonnes of grain pass through the Port of Montreal via these two infrastructures.
About the Port of Montreal
Operated by the Montreal Port Authority (MPA), the Port of Montreal is the largest container port in Eastern Canada and a diversified transshipment centre that handles all types of goods: containerized and non-containerized cargo, liquid bulk and dry bulk. The only container port in Quebec, it is a destination port served by the largest shipping lines in the world. It is also an intermodal hub with a service offering that is unique in North America, featuring its own rail network directly dockside connected to Canada's two national rail networks. The MPA also operates a Cruise Terminal and a Port Centre.
The MPA factors economic, social and environmental components into its corporate initiatives. This commitment is governed by a sustainable development policy whose guiding principles focus on involvement, cooperation and accountability. Port activity in Canada supports some 590,000 jobs and generates $93.5 billion in economic activity.
SOURCE Port of Montreal
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