Canadian Minister of Transport, Marc Garneau, officially announced the creation of National Trade Corridors Fund (NTCF) that will provide CAD 2 billion (USD 1.35 billion) for Trade and Transport Corridors Initiative (TTCI) to build stronger, more efficient transport corridors to international markets.
The financing is provided under the NTCF for the next 11 years to strengthen Canada’s trade infrastructure, including ports, waterways, airports, roads, bridges, border crossings, rail networks and the interconnectivity between them. With the launch of this fund, proponents are being invited to submit an expression of interest for funding to support projects that address urgent capacity constraints and keep goods moving efficiently along Canada’s trade corridors.
“Investments through the Trade and Transportation Corridors Initiative will make a big difference for Canadian businesses. It will allow them to get better access to international markets by addressing critical bottlenecks and ensuring that Canada’s transportation networks remain cost competitive and efficient. This also means more jobs that support middle-class families everywhere across the country,” Garneau said.
Up to CAD 400 million (USD 270.6 million) of the NTCF will be dedicated to support the critical movement of people and goods in Canada’s Northern territories, given that region’s unique and urgent needs.
As announced in November 2016 and detailed in Budget 2017, the Government of Canada will invest $10.1 billion (USD 6.8 billion) over the next decade to develop its transport system.
In addition to the CAD 2 billion of investments under the National Trade Corridors Fund, the Canada Infrastructure Bank will invest at least an additional CAD 5 billion (USD 3.4 billion) to address trade and transport projects.
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