Network Rail will fund railway refurbishments in Scotland worth an estimated £1 billion, it has been revealed.
The plans will appease green issue campaigners and commuters alike when the Glasgow to Edinburgh line is electrified and journey times could be slashed to up 35 minutes. The Edinburgh Glasgow Improvement Programme (EGIP) will also fund a number of other railway improvements in central Scotland and Network Rail will fund the project by borrowing money against its assets.
The firm, which owns rail stations, tracks and commercial property, has agreed the deal in principal with the Office of Rail Regulation, but the finer details of the proposal are set to be finalised.
A Network Rail spokesman said: “Transport Scotland has asked Network Rail to use our regulatory asset base to facilitate the funding of the Edinburgh Glasgow Improvement Programme.
“This project has wide ranging benefits for communities across the central belt of Scotland and we look forward to playing our role in delivering this ambitious programme.”
A Scottish Government spokeswoman said: “The Scottish Government has ambitious plans for improving the country`s rail network and is delivering the biggest transport construction programme seen in Scotland in a generation.”
