Ottawa to Inject $ 1.3 Billion into Montreal's REM
Model of the South Shore Terminal Station Photo: Caisse de dépôt et placement du Québec
EXCLUSIVE - Radio-Canada has learned that the federal government will spend $ 1.283 billion on the metropolitan power grid (EMN). Prime Minister Justin Trudeau will make the announcement Thursday in Montreal, along with Prime Minister Philippe Couillard, Mayor Denis Coderre and the head of the Caisse de depot et placement du Québec (CDPQ), Michael Sabia.
A text by
Sébastien Bovet, Philippe-Vincent Foisy and
Raphaël Bouvier-Auclair
Ottawa will finally pay the amounts requested by Quebec for
the REM project , whose bill is estimated at $ 5.9 billion. The CDPQ plans to inject $ 3 billion through its subsidiary CDPQ Infra, while
the Couillard government has budgeted $ 1.28 billion in its latest budget ,
representing 24.5% of the total cost of the project. Quebec had asked for an equivalent participation from the federal government.
Ottawa will have a total of close to $ 1.3 billion, an amount that will be drawn from the Phase 2 envelope of its infrastructure investment project. Over $ 20 billion over 11 years will be invested in this second phase across the country.
However, the federal government is keeping the door open for the Infrastructure Bank of Canada (BIC) to take over from the federal government in this investment. The $ 1.3 billion would then be reinvested in another project.
To do this, it is necessary to wait for the creation of the BIC, and then it will be up to the administrators to decide after analysis. It should be noted that some senators are asking for more time to study the bill on the creation of the BIC.
The Trudeau government, in its latest budget, introduced in the spring, had not confirmed any firm commitment. He wrote about the EMN as one of the "ambitious transit projects [that] will transform Canada's cities over the next decade."
The Government of Quebec did not hide its disappointment at the lack of a clear commitment. The members of the Quebec legislature had almost unanimously adopted a motion deploring this situation.
The REM project includes 27 stations covering 67 kilometers. These will link the South Shore to the North Shore to Deux-Montagnes, via Laval, as well as the Montréal-Trudeau airport and the West Island to Sainte-Anne -de-Bellevue.
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