Transport Infrastructure Development Corporation (TIDC) is a State Owned Corporation responsible for developing major transport infrastructure projects for the NSW Government. Its largest single project to date has been the Epping-to-Chatswood rail line, which will increase the capacity of RailCorp’s CityRail network and provide direct rail access for the first time to the growing North Ryde/Macquarie Park area. Funding has been a combination of TCorp loans and Government grants.
TCorp has arranged finance facilities for TIDC through fixed interest term loans with diversified maturity dates, backed up by a Come-and-Go Facility for short term cash management. In the year to June 2007 the main portfolio of TCorp loans to TIDC grew from $910 million to a peak of $1,130 million, before the Government provided $960 million to TIDC in the June State Budget to pay down debt. During 2007/08 TCorp will continue funding TIDC for the final stages of the Epping-to-Chatswood project, with lending estimated to increase from $210 million as at the end of June 2007 to more than $500 million before handover of the completed rail line to RailCorp.
TCorp also provides TIDC with a Come-&-Go Facility to fund rail development works under the Government’s Rail Clearways program. Rail Clearways is a major program of works to upgrade the CityRail network, including duplication or quadruplication of some sections of line and improved facilities at some stations, including new platforms. TIDC can draw on the Come-&-Go Facility for temporary funding of these works, and is then reimbursed by RailCorp. Where this procedure necessitates borrowing by RailCorp, TCorp will again provide the funds.
Joseph Leung is Chief Financial Officer of the Transport Infrastructure Development Corporation.