Canada unveils $692.5M rail funding package

Canadian Transport Minister David Collenette unveiled a new funding package to revitalize inter-city passenger rail services in Canada, worth $692.5 million over the next five years. This new investment, coupled with a $401.9 million funding committment announced in April 2000, addresses VIA Rail's long-term capital needs, ensuring that its current network and service levels are sustainable into the future, while preserving the option for higher speed rail at a later date. The capital funds will be for new infrastructure improvements and additional equipment acquisition and refurbishments and will be allocated over five years beginning in fiscal year 2004/05. The investment will be targeted for spending in various categories, including acquisition of new locomotives; fleet renewal and station refurbishment.