Network Rail is to fund up to £1 billion in railway improvements in central Scotland, it has been revealed.
The plans include the electrification of the Edinburgh to Glasgow railway line, which may cut journey times between the cities to approximately 35 minutes. Other lines around central Scotland will also be improved under the Edinburgh Glasgow Improvement Programme.
Network Rail will borrow the money to fund EGIP against its assets, which include rail stations, railway tracks and commercial property. The regulatory asset basis method of funding allows Network Rail to borrow a percentage of the value of its assets.
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 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.”