Nova Scotia extends rail funding agreement
Written by jrood
Nova Scotia, Canada, extended the current rail funding agreement with the Cape Breton and Central Nova Scotia Railway. Funding to maintain the line will continue for an additional three years, ensuring CBNS Railway will offer service through Sept. 30, 2014. "This rail line is vital for keeping shipping costs low and helping Cape Breton businesses remain competitive in the global marketplace," said Premier Darrell Dexter. "Our investment will preserve a key piece of transportation infrastructure for the future of the region." Under the agreement, RailAmerica-operated CBNS can continue to access up to $2 million annually for working capital and maintenance costs. "We value our customers and the long-standing partnership we've had with the province," said John Giles, RailAmerica president and chief executive officer. "RailAmerica shares the province's interest in growing freight-rail opportunities." Senior provincial representatives will continue to work with RailAmerica to explore sustainable economic opportunities for the rail line.
