Canada Infrastructure Bank has invested $90 million in the development of a new domestic passenger terminal at Montreal Metropolitan Airport.

The investment is in the form of a loan and has closed. It will enable the expansion project to move ahead, federally owned CIB said in a news release.

Australia’s Macquarie Asset Management and Toronto-based Porter Airlines’ parent company are partnering on the development.

The property was known as the Saint-Hubert Airport before being renamed, and getting the nickname Met, recently. The new two-storey terminal will include food and beverage concessions and other retail spaces.

A new hotel, not part of CIB’s investment, is slated to be built nearby. Scheduled to open in 2025, the new terminal is expected to serve up to four million passengers annually.

The nine-gate terminal will also be open to other airlines than Porter, including Pascan Aviation’s network of existing regional Quebec flights.

The terminal project received a $200-million private investment in February 2023, Edmonton-based PCL is overseeing construction.

Sydney-based Macquarie operates globally, managing $US573 million in assets. The firm invests across several platforms, including infrastructure, green investments and real estate.

Rendering: CNW Group/Canada Infrastructure Bank