CALGARY, ALTA. — The Canada Infrastructure Bank (CIB) and the Alberta government’s Ministry of Transportation have signed a memorandum of understanding (MOU) for the Calgary-Banff Rail project, which will create an airport-rail link between downtown Calgary and Banff National Park.
The project is intended to relieve vehicle congestion, reduce greenhouse gas emissions and increase tourism opportunities and labour mobility.
The 130-kilometre rail service would potentially include stops from Calgary International Airport, downtown Calgary, Cochrane, Morley, Canmore and Banff along a dedicated line built within the existing Canadian Pacific Railway’s corridor and would potentially have the ability to run an express service from Calgary’s downtown to the international airport every 20 minutes.
“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,” said Alberta Minister of Transportation Ric McIver in a statement.
“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 MOU states the CIB will collaborate with Alberta Transportation to review the estimated costs and revenues of the projects, assess environmental, social and economic benefits and examine financing options prior to any CIB investment.
“We are pleased to be building a strong partnership with the Government of Alberta. An important part of the CIB’s role is to work closely with governments across Canada to advance new infrastructure opportunities. The Calgary-Banff Rail project is the first of many potential projects for the CIB in Alberta,” CIB chair Michael Sabia said.
“It’s great to see the partnership between the Canada Infrastructure Bank and the Government of Alberta on a train between Calgary and Banff. A train to Banff National Park would reduce congestion, lower emissions, protect the pristine environment while creating jobs and economic opportunity. This initiative is an example of how the CIB is moving to a new phase focused on accelerating investment in projects that will grow our economy and make Canada more competitive,” added federal Infrastructure Minister Catherine McKenna.
The Government of Alberta intends to structure the project as a public-private partnership. The CIB is a crown corporation mandated to invest $35 billion in federal funding and attract private investment into revenue-generating infrastructure projects.
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