A twinned Port Mann Bridge, shown in an artist's illustration, will connect the city of Vancouver and Langley, B.C. (B.C. government)

The B.C. government will provide one-third of the financing required for twinning the Port Mann Bridge and widening Highway 1, the province's transportation minister said Wednesday.

The province has reached an agreement in principle for a public-private partnership with the Connect BC Development Group, Kevin Falcon said.

"This agreement means road users will benefit from safer and more efficient travel along that corridor, while taxpayers will benefit from private sector innovation and the transfer of risk for any cost overruns, construction delays or revenue shortfalls," the minister said.

The deal and final costs for the project should be finalized in March, Falcon said. The ministry of transportation said last June the cost of the massive project would be between $1.5 and $1.6 billion.

All the costs will be recovered by electronic tolls, which are expected to be set at $3 per crossing, he said.

The Port Mann Bridge/Highway 1 expansion project includes constructing a bridge adjacent to the existing Port Mann Bridge and widening the highway.

It also involves upgrading interchanges and improving safety between McGill Street in Vancouver and 216th Street in Langley, a distance of approximately 37 kilometres.

The project is part of the province's $3-billion Gateway Program established in 2003 in response to the impact of growing regional congestion.

Falcon said Wednesday the project will create 8,000 construction jobs and is on track to be completed in 2013.