No. H017/05 For release February 4, 2005 INCREASE IN THE VANCOUVER PORT AUTHORITY'S BORROWING LIMIT OTTAWA – David L.Emerson, Minister of Industry, and Regional Minister for British Columbia, on behalf of Transport Minister Jean C. Lapierre, today announced an increase in the borrowing limit of the Vancouver Port Authority to $510 million from the previous limit of $225 million. The Vancouver Port Authority requested the increase to accommodate projected capital expenditures for new infrastructure due to the exponential growth in container traffic at the port. "This increase is an excellent example of the Government of Canada's commitment to work with the Vancouver Port Authority in its efforts to best meet the needs of port users, the surrounding communities, the province and the rest of Canada," said Mr. Emerson. "Increasing the port's borrowing limit will assist it in increasing container capacity and enable it to keep pace with rapidly growing container traffic volumes. "The increase in the port's borrowing limit will greatly enhance the port authority's ability to expand its capacity and keep the port competitive, key components identified in the British Columbia Ports strategy," said Mr. Lapierre. "Today's decision ensures that the Vancouver Port Authority will access the capital necessary to invest and expand terminal infrastructure at the Port of Vancouver to meet the growing needs of Canadian industry and our offshore trading partners," said Vancouver Port Authority president and CEO, Capt. Gordon Houston. "Thanks to the support of Senator Austin and the initiative of Ministers Lapierre and Emerson, we now have a credible and achievable strategy for expanding our port in the best interests of all Canadians. The Vancouver Port Authority is the Canada Port Authority established under the Canada Marine Act on March 1, 1999 to manage the Port of Vancouver. As a Canada Port Authority, the Vancouver Port Authority benefits from greater management flexibility, including increased freedom to develop contracts and borrow money from commercial lenders. "The challenge now will be to ensure that we achieve strategic investment across the country's integrated transportation system – including marine, road and rail – to capture the significant growth projected for Asia-Pacific trade and the corresponding benefits for our national economy," said David Stowe, Chairman, Vancouver Port Authority. The Port of Vancouver, which has a natural deep-water harbour, is the largest and most diversified port in Canada. Its facilities include cargo and cruise terminals, railways and shipyards. The port's activities include services for industries requiring tidewater access, tugboats, trucks, shipping agents, freight forwarders, suppliers, and administrative agencies. In 2004, the Port of Vancouver handled nearly 74 million tonnes of cargo and welcomed more than 980,000 cruise ship passengers. - 30 - Contacts: Irène Marcheterre Director of Communications Office of the Minister of Transport, Ottawa (613) 991-0700 Brian McGregor Communications Transport Canada, Ottawa (613) 993-0055 Transport Canada is online at www.tc.gc.ca. Subscribe to news releases and speeches at apps.tc.gc.ca/listserv/ and keep up-to-date on the latest from Transport Canada. This news release may be made available in alternative formats for persons with visual disabilities.
