$1.16B loan secured for Aecon/Pomerleau work at Port of Montreal

Key Takeaways:

• The Canada Infrastructure Bank has officially committed a $1.16 billion loan to the Montreal Port Authority to move the Contrecoeur container terminal project into its next phase of development.
• Construction of critical in-water works began in October 2025 under a joint venture between Aecon and Pomerleau with a goal to start commercial operations by 2030. The expansion is designed as a public-private partnership where the private sector will eventually cover more than 85% of the infrastructure costs through future revenues.
• This new terminal will increase the Port of Montreal’s capacity by 1.15 million units and provide the shortest shipping route between North America’s industrial heartland and markets in Europe.

The Whole Story:

Canada’s largest east coast port expansion is moving forward with a $1.16 billion loan from the Canada Infrastructure Bank (CIB) to the Montreal Port Authority (MPA) for a new container terminal in Contrecoeur, approximately 40 kilometres northeast of Montreal.

The project will add up to 1.15 million twenty-foot equivalent units (TEUs) of annual container capacity—about 60 per cent of the Port of Montreal’s current throughput—and is designed to support Canada’s goal to double non-U.S. exports and strengthen supply chain resilience.

Construction of critical in-water works including dredging and quay wall construction began in October 2025, delivered by a joint venture between Aecon and Pomerleau. Terminal and logistics infrastructure work is expected to begin in 2027, with commercial operations targeted for 2030.

The financing structure reflects a public-private partnership: the Government of Quebec is contributing $130 million; Transport Canada, $150 million; and more than 85 per cent of infrastructure costs will be borne by the private sector. DP World is in exclusive discussions with the MPA to serve as terminal operator.

“Through the Canada Infrastructure Bank, we’re investing in modern, efficient infrastructure that strengthens Canada’s trade corridors and supply chains,” said Hon. Gregor Robertson, Minister of Housing and Infrastructure. “The Contrecœur Terminal project will create good jobs, support economic growth and help ensure our transportation networks meet the needs of a robust and growing economy.”

The MPA expects the project will generate thousands of construction jobs and support hundreds of thousands of jobs linked to the supply chain. More than $750 million in annual economic benefits are forecasted, capturing operating impact across terminal operations, marine services, inland logistics, warehousing and related functions.

The terminal will offer the shortest shipping route from North America’s industrial heartland to Europe and the Mediterranean. The project leverages existing transportation infrastructure, including Highway 30 and CN rail connections, and has been designed to meet 388 binding conditions set by the Impact Assessment Agency of Canada.

“Strengthening Canada’s ports to expand trade and grow the economy is a core priority for the Canada Infrastructure Bank,” said Ehren Cory, CEO of the CIB. “Our loan towards Contrecoeur supports a project of national importance—one of the largest eastern port expansions in Canadian history—and will deliver lasting benefits for Canada’s economy for decades to come.”