The Montreal airport project will receive $90 million in federal funding

The consortium that overhauled the Montreal-area airport has boosted funding for the effort thanks to a $90 million loan from the Canadian Infrastructure Bank.

Porter Aviation Holdings Inc., a Crown corporation that supports revenue-generating projects in the public interest. and says it has entered into a partnership with Macquarie Asset Management.

The owner of regional carrier Porter Airlines and a subsidiary of Australia's largest investment bank is working with Montreal Metropolitan Airport to develop a new terminal that broke ground in August.

Formerly known as Montreal St. Hubert Airport, the site is on track to grow from a small airport south of Montreal to a commercial aviation hub comparable to Toronto's Billy Bishop, but farther from downtown Montreal.

The nine-gate terminal will handle up to four million passengers a year and provide another airport for Porter, which is expanding rapidly in Canada's second largest city.

The expected completion date has been pushed back from late 2024 to fall 2025, with Porter planning to focus on regional flights to major Canadian cities and local carrier Pascan Aviation.