A Japanese government-backed fund intends to spend about $40 million to support a high-speed rail project being advocated in Texas, adding to support from Japan Central Railway Co.
Japan Overseas Infrastructure Investment Corp. won approval from the transport ministry to spend the funds, according to a Nov. 21 statement on the ministry’s website. The money will be spent through the Texas Central Partners, a private group set up to develop a high-speed line between Houston and Dallas that would link two of the state’s biggest commercial hubs in 90 minutes.
Japan’s government has vowed to help rail operators and equipment makers win contracts outside the country, where a shrinking population is limiting growth prospects. JR Central, the country’s largest bullet-train operator, has been working with Texas Central Partners to assess feasibility of high speed trains in the state.
The Texas Central Partners investment is the second time this month a Japanese-style high-speed train project in the U.S. has won government backing. A plan to build a maglev in Washington won $28 million in funds from the U.S. government two weeks ago. Both projects would use JR Central technology.