Canada divests three ports

Canada’s Minister of Transport Lisa Raitt has announced the divestiture of the ports of Long Pond, Botwood and Main Brook, NL to local business groups.

These divestitures include an investment of over CAD22 million for the continued operation and maintenance of the ports’ infrastructure, ensuring the long-term sustainability of the port.

The Government of Canada has provided financial contributions to each port for operation and maintenance including: CAD 12.9 million to the Long Pond Harbour Authority Inc.,CAD 8.9 million to Exploits Valley Port Corporation for the Port of Botwood and CAD 675,000 to the Main Brook Research and Development Corporation for the Port of Main Brook.

Transport Canada has divested 496 ports since 1996, which has resulted in savings to Canadian taxpayers of over CAD470 million.

Economic Action Plan 2014 allocated CAD3 million over two years to support the divestiture of regional ports to provincial/territorial governments or local interests and the continued operation and maintenance of federally owned ports.

“Our Government is committed to enhancing the lives and livelihood of Canadians, and to strengthening the economies of our communities.

Canada’s ports are an integral part of the national transportation system and play an important role in Canada’s international trade.

We are pleased to have divested the ports of Long Pond, Botwood and Main Brook to local business groups who are positioned to operate these ports in the best interest of these local local communities,” said Minister Raitt.

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