Teaming up with Quebec investment fund the Fonds, the Montreal Port Authority is looking to invest $100M in development projects connected to the ports logistics chain.
The Montreal Port Authority (the MPA) and the Fonds de solidarité FTQ (the Fonds) have announced 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, and companies that want to submit a project have been invited to contact the Fonds or the MPA. The Fonds is a well-known Quebec institution, created by Quebec’s largest labour body to invest in local businesses to advance employment and economic growth in the province. It has assets totalling nearly C$12 billion.
The Fonds will manage the investment process, and a committee composed of members appointed by the MPA and the Fonds will be set up to promote the 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.
It seems the initiative is aimed more at attracting companies that generate actual freight, rather than digital services. “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,” the MPA stated.