Invest Alberta Corporation (Invest Alberta), the Government of Alberta’s Ministry of Transportation (Alberta Transportation) and the Canada Infrastructure Bank (CIB) have signed a detailed MOU to advance the project. The CIB has reaffirmed support for the project and will consider a long-term investment.  

Invest Alberta, on behalf of Alberta Transportation, will engage with the marketplace over the summer. The Government of Alberta will continue to assess the project, including seeking input from municipalities and Indigenous communities, and the potential to advance the project under a long-term PPP model that would attract investment, and ensure the project can be supported for many years in the future.

Project feasibility studies have been completed since a memorandum of understanding (MOU), established in June 2020 between Alberta Transportation and CIB. There has also been strong private sector interest demonstrated through an unsolicited proposal by Liricon Capital Ltd. (Liricon) to act as the project developer.

The Calgary-Banff Rail will see a new, 150-kilometer passenger rail service that would potentially include seven stops along a dedicated line built within the existing CP Rail corridor. The service could have up to ten departures per day from the airport to Banff and the capability of running an express service from Calgary International Airport to downtown Calgary every 15 minutes.