The federal and Quebec governments are under pressure to quickly commit funding for Montreal’s new $5.9-billion electric train project, which the Caisse de Dépôt is promoting as a model for funding infrastructure projects.
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Quebec’s pension fund manager has created an infrastructure subsidiary to oversee the construction and operation of the 67-kilometre network, which is to be ready for service by the end of 2020.
The Caisse is also contributing $3.1 billion and the City of Montreal is committing $100 million for the project. Ottawa and the province are being asked to split the remaining $2.7-billion estimated cost.
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The project’s price increased by $400 million with Friday’s announcement of three new underground stations that will shorten travel times to the downtown core and relieve congestion on one of the city’s most congested subway lines.
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The Caisse de Dépôt’s president and CEO, Michael Sabia, said the network of electric trains is exactly the type of project that Ottawa should want to support as it spends more on infrastructure and aims to reduce greenhouse gas emissions.
WATCH BELOW: Building Montreal’s electric train
Sabia said he expects the two levels of government will announce their financial support within the next four months.
Federal officials weren’t immediately available for comment.
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Prime Minister Justin Trudeau suggested last spring that his government is keenly interested in the project, which fits a commitment to support eco-friendly projects.
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The Trudeau Liberals have promised to inject $120 billion into the country’s infrastructure projects over the next 10 years.