Montreal gets $1.2 billion loan for light rail project

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A map of Montreal's light rail system, which began construction in April.

MONTREAL — A new Canadian governmental agency is making a major loan to help finance Montreal’s new light rail system.

The Canada Infrastructure Bank — created to find new ways to fund transit construction — will make a $1.2 billion loan toward the construction of the new light rail system, projected to cost $6.3 billion (all figures in Canadian Dollars).

The agency’s president, Pierre Lavallee, told the Canadian Press that the infrastructure bank will “have the capability and the capacity to invest in important projects and to do so at scale," he said in an interview.

"Hopefully this will send a good signal to future potential partners, both public and private, that we're here to help."

Montreal broke ground in April on the Reseau electrique metropolitain, a 41.6 mile, 24-station driverless light rail project. The first line is projected to be in service in 2021. [See “Montreal to break ground on light rail system in April,” Trains News Wire, Feb. 9, 2018.]

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