Federal officials say the government will make a $2.45 billion loan to Amtrak to buy new trains, upgrade tracks and make platform improvements on the Northeast corridor.
Vice President Joe Biden made the announcement Friday at the Wilmington, Delaware, station, which is named for him. He was joined by Deputy Secretary of Transportation Victor Mendez, whose agency is making the loan.
Officials say the loan will allow Amtrak to boost seating by about 40 percent on Acela trains traveling between Washington and Boston.
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The loan, which the Transportation Department says is the largest single loan in its history, will be used to make station and platform improvements at the under-construction Moynihan Station in New York City, and Washington Union Station, Baltimore Penn Station, and New Carrolton Station.
Amtrak reported ridership of 11.7 million along the Northeast Corridor in fiscal 2015, a record high.
Biden was a frequent Amtrak rider during his more than 30 years in the U.S. Senate, commuting daily between his Wilmington home and Washington.
Last week, the Federal Railroad Administration awarded $25 million for 11 projects, including $2.6 million for the Northeast Corridor, to help implement Positive Train Control, an advanced technology aimed at preventing train collisions and derailments.