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New York Train Tunnel Project Hires Expert In Public-Private Finance
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11 Aug 2017 07:31 AM EST

The Gateway Program, which includes building a new tunnel underneath New York's Hudson River, announced on Thursday that it has hired a private financing expert from French bank Societe Generale as interim chief financial officer. Gateway Program Development Corporation trustees said at a board meeting that Francis Sacr, who headed Societe's infrastructure finance team for the Americas, will oversee financing for the $24 billion joint effort between national rail company Amtrak, New Jersey and New York to improve a critical train traffic chokepoint on Amtrak's Northeast Corridor. The infrastructure program, among the largest and most urgently needed in the country, will almost certainly use a public-private partnership to build and finance some portions. With these partnerships, more commonly used in Europe, Australia and Canada, a private consortium of companies usually designs, builds and finances a project. A public entity like a state or authority still owns the asset and pays the builders over the lifetime of the bridge, roadway or tunnel.

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