The government of Canada is providing $1.3 billion for a light-rail project spearheaded by Caisse de dépôt et placement du Québec.
The additional capital will help the Caisse’s infrastructure arm, CDPQ Infra, proceed with constructing the 67-kilometre transit system that will connect the greater Montreal area.
“The [light-rail network] is one of the most ambitious public transportation projects in our history,” said Prime Minister Justin Trudeau, in a news release. “In addition to making it quicker and easier for millions of Quebec residents to get around, the [network] will reduce the number of cars on the roads, help ease traffic and make the air cleaner.”
According to the Caisse, project construction will cost about $6 billion. It has already committed $3 billion, while Quebec has promised to invest $1.3 billion.
“We are pleased to have the government of Canada confirm the quality of the [light-rail] project by investing in this ambitious project,” said Michael Sabia, president and chief executive officer at Caisse. “This commitment is further proof of what can be accomplished through dialogue and collaboration. That is how the [light-rail] project will be carried out, as well as how we will be able to improve the quality of life of thousands of citizens and make our metropolis more sustainable.”
Once completed, the light-rail network will be the fourth-largest automated transportation system in the world after those in Singapore, Dubai and Vancouver.