A New container port planned for the eastern Canadian province of Nova Scotia is expected to commence construction this summer, said the company behind the project, Melford International Terminals Inc.
Melford vice president Ritchie Man said his firm has raised enough money to get the private-sector project through planning and development stages and would soon be ready for the construction phase.
"Our preliminary round of fundraising was mostly Toronto and New York money. Now, Cyrus Capital has come in with C$10.5 million (US$10.56 million)," said Mr Mann, adding that it had principal offices in the US and the UK.
The business leaders behind the deal say the thousands of acres needed to build the East Coast gateway container terminal have been acquired, and international financiers have raised cash from private investors.
Guysborough County Warden Lloyd Hines said the site is ideal because it is undeveloped, which means roads, rail spurs and freight-handling facilities can be built wherever needed.
"The assembly of land, from a municipal perspective, has occurred. The property that was identified in the Milford land reserve has been optioned, so the land acquisition is complete," Mr Hines said.
The Melford location is slightly closer than the Port of Halifax to shipping lanes from Europe, and is an ideal location to act as a transfer point for goods from Asia, the company said.
Halifax is the only seaport on Canada's east coast deep enough to accommodate fully laden post-Panamax vessels.
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