Canada Infrastructure Bank (CIB) has agreed to invest up to C$2bn ($1.48bn) to support the expansion of the ‘GO Expansion On Corridor’ project in Ontario.

CIB will act as a financing partner and adviser to Metrolinx and Infrastructure Ontario, the government agencies which are leading the procurement process for the planned expansion.

The expansion of GO Transit will bolster railway transportation in the Greater Toronto and Hamilton Area regions by offering two-way, all-day rapid transit services on the core segments of the network.

Canada Infrastructure Bank president and CEO Pierre Lavallée said: “We look forward to bringing together the public and the private sectors in an innovative way.

“Our investment will enhance public transit, reduce greenhouse gas emissions and generate economic opportunities for Canadians.”

Four teams, including EnTransit, MTR Kiewit Partners, ONcore Transit and ONxpress Transportation Partners, were pre-qualified to bid for the expansion project.

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The scope of works includes designing, building and financing the project, as well as its subsequent operations and maintenance works.

A request for proposals will be sent to the four teams.

CIB will finalise a credit agreement with the selected bidder when the project reaches the financial close.

Metrolinx president and CEO Phil Verster said: “The GO Expansion project is an extraordinary initiative and Canada Infrastructure Bank’s investment will help us transform the region to realise long-term benefits for our customers.

“This is an opportunity to benefit from CIB’s low-cost financing and I hope it’s the first of many investment opportunities with CIB.”

The Government of Canada created CIB to invest C$35bn ($25.93bn) of federal funding to encourage private sector investment into revenue-generating infrastructure projects.

Earlier, CIB invested C$1.28bn ($950m) in Montreal’s Réseau express métropolitain (REM) project.