No sharing of Gordie Howe bridge tolls until debt is repaid, Carney says
Canadian Prime Minister Mark Carney clarified that toll sharing for the Gordie Howe International Bridge will not begin until construction debts are fully repaid. While a new agreement allows for the splitting of net revenues after 15 years, the initial toll revenue remains dedicated to debt recovery.
Why it matters
The bridge is a critical piece of infrastructure for US-Canada trade, and the financial arrangement reflects complex cross-border economic negotiations.
Canada will not share any tolls collected from the soon-to-open Gordie Howe International Bridge until the debt is repaid, Prime Minister Mark Carney said on Thursday.
The bridge is set to open on July 27 after several months of delays. Canada fronted the entire $6.4 billion in costs for the construction and development of the bridge. Drivers must pay a toll to cross it, and under the terms of the original agreement, Canada would have received all toll revenues to cover the cost.
Details of a new deal were announced late last week that would reportedly send about half of the money collected to the U.S., including toll revenues.
“It’s not splitting the tolls of the bridge. It is an agreement for 15 years to split net revenues. Splitting of tolls, any sharing of the toll, won’t happen until all of the debt is repaid,” Carney told reporters on Thursday.
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