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Port of Montreal and Fonds de solidarité FTQ agree to make CAN$100 million available for business development

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Dry Bulk,

The Montreal Port Authority (the MPA) and the Fonds de solidarité FTQ (the Fonds) yesterday signed an agreement to create the Partenariat de financement logistique Fonds de solidarité FTQPort de Montréal (the Fonds de solidarité FTQ – Port of Montreal logistics financing partnership).

The agreement sees CAN$100 million made available to companies – either through share capital or an unsecured loan – with a development project in Greater Montreal connected with the Port's logistics chain.

Companies that want to submit a project to benefit from this financing will have their application assessed by the Fonds on the basis of its investment criteria. A committee made up of members appointed by the MPA and the Fonds is to be established to promote the initiative, chaired by Sylvie Vachon, President and CEO of the MPA.

"The Port of Montreal is proud to partner with the Fonds de solidarité FTQ, a Quebec economic institution whose socially responsible investment values completely match our vision of economic development, to support businesses based here and elsewhere that want to expand or locate to our area. Together, we are taking action to foster business development and economic growth while benefiting the Port of Montreal's logistics chain," said Vachon.

"The Port of Montreal already plays a vital role in our economy. This new partnership between the Fonds and the MPA will encourage investment in logistics that will improve freight transport efficiency in Greater Montreal and benefit Quebec's small, medium and large exporters. In this way, the Port will help increase exports from Quebec, a goal the Fonds shares with the Quebec government's Maritime Strategy," said Gaétan Morin, President and CEO of the Fonds.

The package announced by the Fonds and the MPA is intended to attract Canadian and foreign companies that want to set up near the Port's facilities in Montreal and Contrecœur, as well as enable already existing companies that want to benefit more from the Port's supply chain to develop their activities, in turn boosting the volume of freight traffic.

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