The Government of Canada boosted its National Trade Corridors Fund, which was firstly implemented in 2018, focusing on improving Canada’s transportation infrastructure and the efficiency of the country’s trade corridors. A third call for proposal was launched on January 15, 2019, with the aim of diversifying Canada’s trade.
Specifically, the ‘Trade Diversification‘ aim will be open as long as there are available funds, and there’s no specific deadline to submit proposals.
Transport Canada highlighted that it will evaluate the projects based on criteria, as:
- Improve the fluidity and/or performance of the transportation system to contribute to an increase in the value and/or volume of goods exported from Canada to overseas markets;
- Increase existing, or generate new, overseas trade as a result of the investment.
In the meantime, the issued projects will be assessed for the extent to which they will add capacity or address bottlenecks near major ports, airports, or along road and rail corridors in Canada that help generate or increase overseas trade.
Despite the already submitted $2 billion of investments, the Canada Infrastructure Bank will invest at least an additional $5 billion to address trade and transportation projects.
In general, the $2 billion National Trade Corridors Fund is one part of the $180 billion Investing in Canada Plan, the Government of Canada’s strategy for addressing long-term infrastructure needs in Canada and supporting middle-class growth and well-paying jobs. The quality of Canada’s transportation infrastructure and the efficiency of the country’s trade corridors is key to the success of Canadian firms in the global marketplace.
The project is a merit-based program that wishes to boost infrastructure owners and users invest in the critical assets that support economic activity and the physical movement of goods and people in Canada.
