CIB to loan $150
million for CANXPORT logistic project Phase 1
Disponible en français
- CIB helping to expand Canadian exports and resiliency in the
supply chains that support trade with an investment in British Columbia's Port of Prince Rupert.
- Prince Rupert Port Authority is undertaking land development
and construction of rail expansion in Phase 1 for an innovative
export logistics hub.
- New facility to handle 6 million tonnes of cargo.
- Will provide significant economic and employment benefits to
local First Nations and Indigenous-led businesses.
PRINCE
RUPERT, BC, May 23, 2024
/CNW/ - The Canada Infrastructure Bank (CIB) has reached financial
close on a $150 million loan to the
Prince Rupert Port Authority (PRPA) for the first phase of a
project to build CANXPORT. The new export logistics hub will expand
capacity and capabilities for rail-to-container transloading of
multiple export products at the Port of Prince Rupert, improve Canadian supply chains,
and drive trade and economic growth.
Work has already begun to prepare one of Canada's busiest ports for the new facility,
located a short distance from Fairview Container Terminal, which
will provide access to capacity to improve the balance of import
and export cargoes that will benefit the Port's broader intermodal
business, driving local economic and employment benefits both
directly and indirectly within the community.
The innovative facility will enable the efficient
containerization of bulk commodities such as agricultural,
forestry, and plastic resin products with room to expand and
diversify to handle additional cargoes in the future. The project's
scale, unit train capabilities, and integration into existing
container terminal operations will facilitate substantial
opportunities to exporters that enhance container supply chains and
ways to reach international markets. The hub's initial annual
capacity will be 400,000 twenty-foot equivalent units
(containers).
Local Indigenous partners are involved in the development and
operation of CANXPORT. The primary contract site development was
awarded by PRPA to an Indigenous joint venture that includes
Metlakatla First Nation, Lax Kw'alaams Band, Gitxaała Nation and
IDL Projects Inc. Metlakatla and Lax Kw'alaams are also majority
owners of Gat Leedm Logistics, the largest provider of truck
drayage services within the Port, that will also support CANXPORT's
operation. Following construction, CANXPORT's operations are
expected to commence in Q3 2026.
Funding for Phase 2, which is expected to be approved later in
2024, will be used to help Ray-Mont Logistics to finance
construction of the transloading facility and container storage
yard.
Capital investment in CANXPORT is provided by PRPA, Ray-Mont
Logistics, and Canadian National Railway Co. (CN). The Government
of Canada and the Government of BC
are also financial contributors to the project infrastructure.
This is the CIB's first investment in a Canadian port. The Port
of Prince Rupert is a critical
Canadian trade gateway that ships a diversified portfolio of
cargoes through several intermodal, dry bulk and liquid bulk
terminals. The Port is the closest North American west coast port
to Asia-Pacific markets. The Port
is also the deepest natural harbour in North America, is ice-free year-round, and is
able to accommodate the largest vessels in the shipping trade.
Endorsements:
Helping to expand Canadian exports by providing financing for
the CANXPORT project is a key part of the Canada Infrastructure
Bank's mandate. Our first port investment will increase exports by
adding containerized shipments that will elevate the country's GDP
and competitiveness while also supporting Indigenous communities in
Prince Rupert.
Ehren Cory, CEO, Canada
Infrastructure Bank
The Port of Prince Rupert is an
important part of Canada's supply
chain, serving as a vital gateway for trade. This investment in the
CANXPORT project marks a significant step in enhancing marine
shipping efficiency and reliability, ensuring smoother
transportation of goods, and Canadians from coast to coast to
coast will benefit.
The Honourable Pablo Rodriguez, Minister of Transport
This investment in the Port of Prince
Rupert's expansion will improve Canada's export capabilities to the
Asia-Pacific region, driving trade
and economic growth. We're also looking forward to the incredible
economic opportunities that the CANXPORT project will bring for
Indigenous communities in Prince
Rupert.
Parm Bains, Member of Parliament
for Steveston—Richmond East, British
Columbia, on behalf of the Honourable Sean Fraser, Minister
of Housing, Infrastructure and Communities
The Canada Infrastructure Bank's historic investment in the Port
of Prince Rupert's CANXPORT
project will enable transloading and logistics services on an
unprecedented scale and unlock significant competitive advantages
for Canadian exporters. The facility is strategically located
within the gateway's fully contained intermodal ecosystem, and
supports the Prince Rupert Port Authority's commitment to realizing
a vision of a competitive, resilient, sustainable port."
Shaun Stevenson, President &
CEO, Prince Rupert Port Authority
The expansion at the Port of Prince
Rupert will open new opportunities for B.C. companies to get
their products to market. Our government's $25 million investment will support businesses
and job growth right across the Province and keep our economy
competitive.
Rob Fleming, B.C. Minister of
Transportation and Infrastructure
CANXPORT represents a truly unique opportunity for Ray-Mont to
offer our valued customers the best containerized export logistics
solution in North America. The
facility will offer over 50 acres of land with future expansion
potential, three loop tracks each capable of handling 10,500' unit
trains, and trucking on private roads allowing us to decarbonize
and electrify our operations. Combined with the natural benefits of
the Port of Prince Rupert, we will
be able to offer unparalleled levels of productivity and supply
chain resiliency for exporters.
Charles Raymond, President &
CEO, Ray-Mont Logistics
CN is proud to support the expansion of the Port of Prince Rupert through our partnership in the
CANXPORT project. This innovative export logistics hub will not
only enhance Canada's supply
chains and trade capabilities but also allow for growth
opportunities for its partners and local communities, including
Indigenous-led businesses. The Port of Prince Rupert is a key hub for many industries
to access new markets and we are excited to share the benefits of
this project with customers across CN's network.
Tracy Robinson, President &
CEO, CN
SOURCE Canada Infrastructure Bank