The financing of a $6.3bn Montréal rail network project, led by Caisse de Dépôt et Placement du Québec (CDPQ), has completed with a $1.28bn investment by Canada Infrastructure Bank.

Canada Infrastructure Bank has agreed with CDPQ Infra to provide the 15-year senior secured loan to help fund the Réseau express métropolitain project (REM), a 67km rail network with 26 stations.

The $1.28bn investment, which completes the project’s $6.3bn financing, is subject to the execution of the final documentation.

CDPQ Infra holds around 70% equity stake in the REM project and the Government of Québec holds around a 30% stake.

Pierre Lavallée, the president and CEO of Canada Infrastructure Bank, said: “We are pleased to participate in the funding of this important public infrastructure project.

“Public transit is one of our priority areas. Our role is to invest alongside private sector and institutional investors, and other public-sector partners to facilitate the development of strategic projects like the REM.”

Macky Tall, the president and CEO of CDPQ Infra, said: “We are very pleased to welcome the Canada Infrastructure Bank as a partner in the REM project.

“With this $1.28bn investment, the REM’s financing is now fully completed. The construction of the project is progressing well and will intensify in the fall,”

Construction of the REM began in April 2018. The first trains are scheduled to run in the summer of 2021.