Canada’s government has launched the Ports Asset Transfer Program (PATP) to facilitate the transfer of 50 Transport Canada-owned port facilities to local interests.
The PATP program includes engagement, sale and divestiture phases. If a port facility does not sell, the program will offer the port facility for divestiture.
The key features of the new program include a 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; greater flexibility for continued operations or possible alternate uses; and the ability of Canada Port Authorities to acquire ports.
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.
“Our government understands the importance of these port facilities to the transportation needs and economic sustainability of their local communities. The Ports Asset Transfer Program offers an excellent opportunity for interested parties to acquire a port facility and to develop it to take advantage of local business, community development and tourism opportunities,” Canada’s Minister of Transport Lisa Raitt said.