Montreal-Trudeau International Airport will undergo a $10-billion upgrade over the next 10 years.

The Canada Infrastructure Bank has provided Aéroports de Montréal (ADM), the region’s airport authority, with a $1-billion loan for the project.

“As ADM works hard to build the airport of tomorrow, support from partners such as the Canada Infrastructure Bank enables us to secure the necessary resources to achieve our objectives,” said Yves Beauchamp, CEO of ADM. “YUL’s development plan is extensive, but essential to ensure that our international airport can continue to accommodate growing passenger numbers and meet the expectations and needs of its users.

“As a not-for-profit organization, it was crucial for ADM to diversify the financing of this large-scale project in order to accelerate investment in the airport for the benefit of the community. YUL will now be able to fulfil its role as a driver of socio-economic development for the city, province, and country even more effectively.”

According to CIB, the upgrade will contribute about $3.7 billion in GDP while boosting passenger traffic, creating up to $9,000 additional jobs and advancing projects under the airport’s Flight Plan program.

In addition, the improvements will provide improved access to the airport and new airside infrastructure designed to enhance domestic and international travel and trade.

Terminal and airside upgrades will include systems that allow for more baggage-handling, construction of a new satellite jetty with additional gates and passenger-processing areas, and new taxiways and tarmacs.

“We are proud to invest alongside Aéroports de Montréal as they make the largest infrastructure investment in the airport’s history and the CIB’s largest airport investment to date,” said Ehren Cory, CEO of the federally owned CIB.

“Our $1-billion loan towards this important project will result in key outcomes; improved functionality at one of Montreal’s vital economic hubs.”

Infrastructure and Housing Minister Gregor Robertson said Prime Minister Paul Carney’s Liberal government’s investment will enable YUL to expand to meet future demand while building “stronger, more connected communities.”

CBC reported that ADM will not receive any subsidies for the project, citing comments from Beauchamp.

Pictured: The future YUL Montreal-Trudeau Airport.

Rendering: CNW Group/Canada Infrastructure Bank