Canada Infrastructure Bank (CIB) will invest up to CAD 2 billion (USD 1.49 billion) to finance the On Corridor project, as part of Ontario’s GO expansion plan.
“We look forward to bringing together [with Infrastructure Ontario and Metrolinx] the public and the private sectors in an innovative way. Our investment will enhance public transit, reduce green house gas emissions and generate economic opportunities for Canadians,” Pierre Lavallée, President of Canada Infrastructure Bank, said.
GO Expansion programme envisages 205 km of new track, 687 km of electrified lines, 42 upgraded stations, 6 maintenance and storage facilities, two rail-rail grade separations and 11 road-rail grade separations.
Currently, 8 stations are under construction, 90 per cent of the second track on the Stouffville line is completed, 6 century-old bridges on the Lakeshore West line are revitalized and 2 new stations were opened (Downsview Park and Gormley stations).
The GO Rail Expansion programme will introduce faster, more efficient trains that will be up to 29 per cent faster than the current GO Transit fleet. After works will be completed, the weekly trips will be increased from 1,500 to 6,000.
Recently, Infrastructure Ontario and Metrolinx announced the four shortlisted teams for On-Corridor project.