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The Canada Infrastructure Bank (CIB) and the Alberta Ministry of Transportation have signed a memorandum of understanding (MOU) to complete a study and due diligence of the Calgary-Banff Rail project, which would create an airport-rail link to downtown Calgary and Banff National Park.
The project would increase tourism while reducing vehicle greenhouse gas emissions and congestion in the travel corridor, CIB and Alberta officials said in a press release.
Calgary-Banff Rail would be a new, 80-mile sustainable passenger-rail service that could include six stops — Calgary International Airport, downtown Calgary, Cochrane, Morely, Canmore and Banff — along a dedicated line built within the existing Canadian Pacific Railway corridor. The service would have up to eight departures per day from the airport to Banff, and the capability of running an express service from the airport to downtown Calgary every 20 minutes.
The MOU confirms the CIB will work with Alberta Transportation to review the project's estimated costs and revenue, explore financing options and assess environmental, social and economic benefits prior to any investment by the CIB.
"The CIB brings expertise and experience needed for a project of this scale," said Alberta Minister of Transportation Ric McIver. "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."
Added CIB Chair Michael Sabia: "The Calgary-Banff Rail project is the first of many potential projects for the CIB in Alberta."