(Bloomberg) — The cost of a new Port of Montreal terminal that Canadian Prime Minister Mark Carney says is in the national interest has soared to C$2.3 billion ($1.7 billion), according to a cabinet minister.
The Montreal Port Authority announced earlier this week that it signed a development agreement for the new Contrecoeur terminal with logistics giant DP World Ltd.’s Canadian unit. The project aims to boost the container-handling capacity of the region’s port by more than 50%.
Dominic LeBlanc, Canada’s minister responsible for trade with the US and intergovernmental affairs, revealed the latest cost estimate at a news conference Thursday. He also said some private equity investors have committed financing to the expansion.
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