PRINCE RUPERT, B.C. – The Canada Infrastructure Bank (CIB) has reached financial close on a $150 million loan to the Prince Rupert Port Authority (PRPA) for the first phase of CANXPORT, a new export logistics hub.
The hub will expand capacity and capabilities for rail-to-container transloading of multiple export products at the Port of Prince Rupert, improve Canadian supply chains and drive trade and economic growth, a CIB release said.
“Helping to expand Canadian exports by providing financing for the CANXPORT project is a key part of the Canada Infrastructure Bank’s mandate. Our first port investment will increase exports by adding containerized shipments that will elevate the country’s GDP and competitiveness while also supporting Indigenous communities in Prince Rupert,” CIB CEO Ehren Cory said in a statement.
The facility will enable containerization of bulk commodities such as agricultural, forestry and plastic resin products and will have room to expand and diversify to handle additional cargoes in the future, the release said.
“The Canada Infrastructure Bank’s historic investment in the Port of Prince Rupert’s CANXPORT project will enable transloading and logistics services on an unprecedented scale and unlock significant competitive advantages for Canadian exporters. The facility is strategically located within the gateway’s fully contained intermodal ecosystem and supports the Prince Rupert Port Authority’s commitment to realizing a vision of a competitive, resilient, sustainable port,” PRPA president and CEO Shaun Stevenson added.
The primary contract site development was awarded by PRPA to an Indigenous joint venture including the Metlakatla First Nation, Lax Kw’alaams Band, Gitxaała Nation and IDL Projects Inc.
Metlakatla and Lax Kw’alaams are also majority owners of Gat Leedm Logistics, the largest provider of truck drayage services within the port, that will also support CANXPORT’s operation, the release said.
Funding for phase two, which is expected to be approved later in 2024, will be used to help Ray-Mont Logistics to finance construction of the transloading facility and container storage yard.
The project is CIB’s first investment in a Canadian port, and the Port of Prince Rupert is the closest North American West Coast port to Asia-Pacific markets and is also the deepest natural harbour in North America able to accommodate the largest vessels in the shipping trade.
Once construction is complete CANXPORT operations are expected to begin in Q3 2026, the release said.