Canada’s Prime Minister Justin Trudeau announced the support for a federal investment of CAD 1.283 billion (USD 869.4 million) from the long-term Investing in Canada infrastructure plan to support the Réseau électrique métropolitain (REM) light rail network in Montréal.
“The REM is one of the most ambitious public transport projects in our history. In addition to making it quicker and easier for millions of Quebec residents to get around, the REM will reduce the number of cars on the roads, help ease traffic and make the air cleaner. The announcement represents a big step toward improving the quality of life of Canadians and their families, creating good, well-paying jobs for the middle class and growing the economy,” Trudeau said.
The announcement will make it possible to finalize the financing of the project and meet the construction schedule of the Caisse de dépôt et placement du Québec. With this commitment, the CAD 6.04 billion (USD 4 billion) financing package for the construction of the REM has therefore been finalized. Within the project, the Government of Quebec is providing CAD 1.283 billion (USD 869.4 million) for this project and Caisse de dépôt et placement du Québec is contributing CAD 2.67 billion (USD 1.8 billion) to this extensive network.
La Caisse investment accounts for 51% of the project shares, and Canadian Government financial proposal, similar to Québec Government’s proposal accounts for 24.5%.
The REM project involves the construction of a 67 km light rail network with 4 branches connected to the city centre and 27 stations. Once completed, this new LRT network will be the fourth largest automated transport system in the world after Singapore (82 km), Dubai (80 km) and Vancouver (68 km). Under the project it will be built a new network of strategic importance for the Montreal metropolitan area and for Québec.
The REM will reduce GHG emissions by 35 000 tonnes annually and accelerate Québec’s transition to a low-carbon economy. At the same time, this new public transit system could reduce economic losses associated with traffic congestion, currently estimated at CAD 1.4 billion (USD 948.7 million) annually in the Greater Montréal area. “The Government of Canada is proud to be a partner in this important project for Montréal and for Quebec. Once complete, the project will help reduce traffic congestion and greenhouse gas emissions, and make it easier for residents to connect with the services they need,” Amarjeet Sohi, Minister of Infrastructure and Communities said.
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