The Canadian government invests more than CAD$42 million (US$32.7 million) in two new projects, aiming to boost the country’s trade corridors.
These investments are expected to improve the efficiency of the supply chain for Canadian shippers in Saint John and McAdam in New Brunswick, Canada.
“This funding announcement is a monumental step towards better supply chain efficiency in Canada. This will continue to spur major growth and private sector investment in our region which translates to hundreds of jobs,” said Craig Bell Estabrooks, president and CEO of Port Saint John.
More specifically, CAD$21.16 (US$16.5 million) will be used to upgrade Saint John and McAdam rail terminals, thus strengthening the supply chain for Canadian shippers and providing competitive options and additional capacity.
In fact, the New Brunswick Southern Railway, a subsidiary of J.D. Irving Limited, will contribute the same amount, which will increase the total investment of the project to CAD$42 million (US$32.7 million).
An additional CAD$21 million (US$16.3 million) will be invested by the government in the Saint Port Authority to increase the West Side terminal’s load laydown capacity, enhance the terminal’s crane capabilities and allow wheeled cargo capabilities.
The Saint John Port Authority will contribute CAD$4.2 million (US$3.2 million), and the Province of New Brunswick will invest CAD$16.8 million (US$13.1 million), which represents a total investment of CAD$42 million (US$32.7 million).
“These infrastructure improvements, combined with our current modernisation project, will help our port create new capacity of 800,000 TEUs,” Estabrooks added.
