The consortium behind an airport overhaul in the Montreal area has shored up funding for the effort thanks to a $90-million loan from the Canada Infrastructure Bank.

The Crown corporation, which backs revenue-generating projects deemed in the public interest, says it has reached a deal with the partnership of Porter Aviation Holdings Inc. and Macquarie Asset Management.

The owner of regional carrier Porter Airlines and the subsidiary of Australia’s biggest investment bank are working with the Montreal Metropolitan Airport to develop a new terminal, which broke ground in August.

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

The nine-gate terminal would serve up to four million passengers a year and provide another airport for the rapidly expanding Porter in Canada's second-biggest city.

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

This report by The Canadian Press was first published Feb. 6, 2024.