$100 million for new projects
Montreal - The Montreal Port Authority (the MPA) and the Fonds de solidarité FTQ (the Fonds) announced today that they have signed an agreement to create the Partenariat de financement logistique Fonds de solidarité FTQ - Port de Montréal (the Fonds de solidarité FTQ - Port of Montreal logistics financing partnership), making $100 million available to companies with a development project in Greater Montreal connected with the Port's logistics chain. The amount will be made available to companies through the Fonds in the form of share capital or an unsecured loan.
Companies that want to submit a project to benefit from this financing are invited to contact the Fonds de solidarité FTQ or the MPA. The Fonds will then assess the application files on the basis of its investment criteria. The Fonds shall be solely responsible for agreements with developers. A committee composed of members appointed by the MPA and the Fonds will be established to promote this initiative, chaired by Sylvie Vachon, President and CEO of the MPA.
"The Port of Montreal is proud to partner with the Fonds de solidarité FTQ, a Quebec economic institution whose socially responsible investment values completely match our vision of economic development, to support businesses based here and elsewhere that want to expand or locate to our area. Together, we are taking action to foster business development and economic growth while benefiting the Port of Montreal's logistics chain," said Sylvie Vachon.
"The Port of Montreal already plays a vital role in our economy. This new partnership between the Fonds and the MPA will encourage investment in logistics that will improve freight transport efficiency in Greater Montreal and benefit Quebec's small, medium and large exporters. In this way, the Port will help increase exports from Quebec, a goal the Fonds shares with the Quebec government's Maritime Strategy," said Gaétan Morin, President and CEO of the Fonds.
The Port of Montreal keeps growing
The $100 million package announced by the Fonds and the MPA will make it possible to attract Canadian and foreign companies that want to set up near the Port's facilities in Montreal and Contrecœur. It will also enable already existing companies that want to benefit more from the efficiency of the Port's supply chain to develop their activities, in turn boosting the volume of freight traffic.
This announcement confirms the Port of Montreal's pivotal role in Quebec's economy as a catalyst and leader in the city's economic development. The steady increase in Port activities is generating solid growth momentum, with benefits that go well beyond the port sector and benefit society as a whole.
The Partenariat de financement logistique Fonds de solidarité FTQ - Port de Montréal is fully in line with the main priorities of the Quebec and federal governments' investments in marine and logistics infrastructures. The MPA is confident that this agreement will advance the shared ambitions of the governments even further, as part of a long-term development strategy.
It should be noted that this $100 million package from the Fonds is in addition to the $100 million made available by the Fonds under the Quebec government's Maritime Strategy for the development of projects related to logistics clusters.