SAINT JOHN, NB, May 25, 2022 /CNW/ - The Government of Canada is committed to strengthening Canada's trade corridors, which support our supply chains, help grow our economy and ensure its recovery, and create good, middle-class jobs.
Today, the Minister of Transport, the Honourable Omar Alghabra, and the Member of Parliament for Saint-John—Rothesay, Mr. Wayne Long, announced more than $42 million for two new projects under the National Trade Corridors Fund. These projects will help improve supply chain efficiency for Canadian shippers in Saint John and McAdam, New Brunswick.
The Government of Canada will contribute:
$21.16 million to upgrade rail terminals in Saint John and McAdam, thereby enhancing the supply chain for Canadian shippers, and providing competitive options and additional capacity. The New Brunswick Southern Railway, a subsidiary of J.D. Irving, Limited, will contribute the same amount, which will bring the total investment of the project to $42.32 million.
Up to $21 million to the Saint John Port Authority to increase the cargo laydown capacity of the West Side Terminal, to enhance the crane capabilities of the terminal, and add to allow wheeled cargo capabilities. As the applicant, the Saint John Port Authority will contribute $4.2 million, and the Province of New Brunswick will invest $16.8 million, which represents a total investment of $42 million.
Through the National Trade Corridors Fund, the Government of Canada is investing in well-functioning trade corridors to help Canadians compete in key global markets, trade more efficiently with international partners, and to keep Canadian supply chains competitive. It represents a long-term commitment to work with stakeholders on strategic infrastructure projects to address transportation bottlenecks, vulnerabilities, and congestion along Canada's trade corridors.
"These two projects located in Saint John and McAdam represent major opportunities to increase capacity to import and export goods in and out of New Brunswick. Our government is proud to support projects that benefit not only these areas, but all of New Brunswick—creating good jobs and contributing to a stronger economy."
The Honourable Omar Alghabra
Minister of Transport
"We're working with the New Brunswick Southern Railway and the Saint John Port Authority to improve the flow of goods through southern New Brunswick. With the National Trade Corridors Fund, we are reducing bottlenecks and congestion to make our supply chain more competitive here in the region."
Member of Parliament for Saint-John—Rothesay
"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. These infrastructure improvements, combined with our current modernization project, will help our port create new capacity of 800,000 TEUs."
Craig Bell Estabrooks
President and CEO, Port Saint John
"The Port of Saint John and New Brunswick Southern Railway have been a critical part of New Brunswick's economy for generations, and today's announcement confirms the important and growing role they play in our province's overall competitiveness. The investment announced today will allow the Atlantic region to increase Canadian imports and exports on a global scale, giving us an even stronger foundation to continue building on – from right here at home, in Saint John, New Brunswick."
Mr. James D. Irving
Co-Chief Executive Officer, J. D. Irving, Limited
"We are continuing to invest in the Port of Saint John as part of our plan to build on the economic success we are experiencing in the province. The enhancements to the modernization project will build additional capacity to meet the increased demand being created by the private sector, create jobs and make the port competitive with Halifax and Montreal."
Minister of Economic Development and Small Business and minister responsible for Opportunities New Brunswick
An efficient and reliable transportation network is key to Canada's economic growth. The Government of Canada, through the National Trade Corridors Fund, is making investments that will support the flow of goods across Canada's supply chains.
The National Trade Corridors Fund is a competitive, merit-based program designed to help infrastructure owners and users invest in the critical transportation assets that support economic activity in Canada. Under this program, a total of $4.6 billion over 11 years (2017-2028) has been announced.
Budget 2022 proposes $450 million over five years, starting in 2022-23, to support supply chain projects through the National Trade Corridors Fund, which will help ease the movement of goods across Canada's transportation networks.
Transport Canada delivers the National Trade Corridors Fund, which supports improvements to Canada's roads, rail, air, and marine shipping routes to foster domestic and international trade.
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SOURCE Transport Canada
View original content: http://www.newswire.ca/en/releases/archive/May2022/25/c5637.html