The cost of the Montreal port expansion has increased by nearly 50% to $1.4 billion.
Martin Imbleau, chief executive officer (CEO) of the Montreal Port Authority, is calling for more money from the federal government immediately to help cover the ballooning costs.
The port is expanding to add a new shipping container terminal. The project’s price tag has risen from $950 million to $1.4 billion because of inflation, according to Imbleau.
Government officials in Ottawa have said they support the port expansion but have yet to commit additional funding.
The new terminal, which will be located about 50 km away from downtown Montreal, will boost the port's container capacity by 60% to 2.1 million TEUs (20-foot equivalent units).
The Canada Infrastructure Bank has provided a $300 million loan to the port project, and the Quebec government has given $130 million in funding.
