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News » International » Funding deal reached for $3bn NZ rail link » published 14 Sep 2016

Funding deal reached for $3bn NZ rail link

The government of New Zealand has agreed to fund half of the NZ$2.8bn to NZ$3.4bn (£1.5bn-£1.8bn) needed to build Auckland’s City Rail Link (CRL).

The government and Auckland Council have signed a Heads of Agreement, under which the Crown will fund 50% of the CRL.

A more detailed sponsors’ agreement will be developed in the coming months to give effect to the commitments. The government will start to make the funding available once this is in place, which may be as early as 2017.

CRL will be one of New Zealand’s largest-ever transport projects. The 3.4km underground railway will run from Britomart station in downtown Auckland through the central business district (CBD) to connect with the existing western line at Mt Eden station.

“CRL is one of Auckland’s top transport priorities It will double the capacity of the metro rail network and provide significant travel time savings for commuters, particularly those travelling from fast-growing western suburbs,” said transport minister Simon Bridges.

 

MPU

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This article was published on 14 Sep 2016 (last updated on 14 Sep 2016).

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