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Virginia Railway Express (VRE) recently received a $72.5 million Railroad Rehabilitation & Improvement Financing (RRIF) loan from the Federal Railroad Administration (FRA). VRE will use the loan to purchase 50 new bi-level passenger cars.
The commuter railroad plans to replace old cars, expand its car fleet, add seating capacity and improve service. The commonwealth of Virginia will provide $20 million for the car purchase.
VRE is the first commuter railroad to obtain a loan under the RRIF program, which authorizes the FRA to provide $35 billion in direct loans or loan guarantees to eligible railroads, state and local governments, and government-sponsored authorities.
11/12/2007
Rail News: Passenger Rail
VRE obtains first-ever RRIF loan issued to a commuter railroad
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Virginia Railway Express (VRE) recently received a $72.5 million Railroad Rehabilitation & Improvement Financing (RRIF) loan from the Federal Railroad Administration (FRA). VRE will use the loan to purchase 50 new bi-level passenger cars.
The commuter railroad plans to replace old cars, expand its car fleet, add seating capacity and improve service. The commonwealth of Virginia will provide $20 million for the car purchase.
VRE is the first commuter railroad to obtain a loan under the RRIF program, which authorizes the FRA to provide $35 billion in direct loans or loan guarantees to eligible railroads, state and local governments, and government-sponsored authorities.
