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$750m over three years to bulk up KiwiRail freight

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, May 18 NZPA - The Government will invest an initial $250 million as part of a $4.6 billion long term plan to turn around KiwiRail, Prime Minister John Key announced today.

Mr Key said $750m would be committed "in principle" over the next three years.

The announcement was part of a plan to get the rail freight business sustainable within a decade.

The lion's share of this $4.6b would come from the business itself.

Labour purchased Toll NZ Ltd in July 2008 for $690m and renamed it KiwiRail. The National Party criticised the move at the time.

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