Part of the money will be spent on the construction of a 12.5-kilometre stretch of rail that will link the Port of Saguenay with the existing rail network.
There will also be investment for an intermodal rail yard.
Prime Minister Stephen Harper made the announcement on Tuesday alongside Transport Minister Denis Lebel.
The improvements are expected to generate 125 jobs and be completed by March 2014.
"Quebec's ports play a vital role in ensuring the constant flow of goods and linking Canada to global markets," Harper said.
"An important part of Quebec’s maritime transportation system, the Port of Saguenay is no exception. By supporting its development, we are helping to create employment and economic growth in the region and in northern Quebec."