The Canada Infrastructure Bank (CIB) has signed a MOU with the Government of Alberta’s Ministry of Transportation (Alberta Transportation) to assess the feasibility and complete due diligence for the Calgary-Banff Rail project.
The project will provide 130km sustainable passenger railway service between Calgary International Airport and the Town of Banff. The project is expected to reduce vehicle greenhouse gas emissions and congestion in the Calgary to Banff National Park corridor.
As part of the MOU, CIB will work with Alberta Transportation to review estimated costs and revenues of the project. Alberta Minister of Transportation Ric McIver said: “Our government is creating an environment where investors and job creators can succeed in Alberta. We’re pleased to be partnering with the CIB to complete a feasibility study for the Calgary-Banff Rail project.
“The CIB brings expertise and experience needed for a project of this scale. We look forward to learning more about this exciting project and hearing from our community partners about how this opportunity can support our tourism industry and get our economy back on track.”
The two parties will also review financing options, and assess environmental, social and economic benefits before making investment decision by the CIB. The Calgary-Banff Rail project would include six stops including Calgary International Airport, Downtown Calgary, Cochrane, Morley, Canmore and Banff.
Canadian Minister of Transport Marc Garneau said: “The Calgary-Banff Rail project would create a new transportation option from Calgary International Airport to one of our national treasures.
“A sustainable and commuter-centric transport system is essential to serve the growing travel demands of both tourists and Albertans alike. The new rail service would take cars off the road and increase the mobility of visitors and commuters to the park in a stress-free way.”