OTTAWA, Ontario—A new federal program will facilitate the transfer of 50 Transport Canada-owned port facilities to local interests.
The Ports Asset Transfer Program (PATP) includes engagement, sale and divestiture phases. If a port facility does not sell, the program will offer the port facility for divestiture.
The program will offer specific timelines for negotiations and transactions with interested parties during the sales and divestiture phases; broader criteria to allow new port operators to expand or improve ports; flexibility for continued operations or alternate uses; and the ability of Canada Port Authorities to acquire ports.
Sales and divestitures open up new commercial possibilities that allow port facilities to reach their full potential and maximize their contribution to economic growth, jobs, and investments in local communities.
Funding for this new program was announced as part of Economic Action Plan 2014.
Since 1996, through its previous Port Divestiture Program, the Government of Canada has divested 499 ports, which has resulted in savings to Canadian taxpayers of over $470 million.