The Quebec government has committed Cdn$1.3 billion to buy equity in a unique transit P3 but the project is contingent on a similar promise from the federal government.
The province’s recent budget contained the backing for the Cdn$6-billion Réseau électrique métropolitain (REM), a 67-km LRT in Montreal being advanced by the government and the manager of the province’s pension funds, the Caisse de depot et placement du Quebec. As well as equity, the government is contributing hundreds of millions of dollars in other forms of support.
The project relies on an intricate web of public-sector agencies and governments, with financial commitments coming from several of them. It ultimately hinges on deals to be signed between governments, the Caisse, and the Montreal transit agency, assuming the federal money appears. That’s a good bet given national politics and federal support for transit in Ottawa, Toronto, Calgary and Vancouver, among other centers.