US$417 million loan for North Carolina toll road upgrade

A US$417 million loan will help pay for a key North Carolina toll road upgrade.
Finance & Funding / February 20, 2024 45 seconds Read
By MJ Woof
The new highway around Raleigh in North Carolina will reduce peak time congestion – image courtesy of © Kelley Albert|

A loan worth US$417 million from the US Department of Transportation (DoT) will help pay to upgrade the tolled highway around Raleigh in North Carolina. The loan is being provided via the Transportation Infrastructure Finance and Innovation Act to The North Carolina Turnpike Authority.

The Triangle Expressway extension project is costing $2.5 billion. The route is a 45km tolled road around Raleigh. The DoT loan will pay for work to an 18km stretch of the route, which forms part of the second phase of the project and with the work due to commence during 2024.

Completing the highway around the city will help improve traffic flow and cut congestion at peak periods. North Carolina is experiencing population growth as major firms increase factory capacity in the state and vehicle numbers have increased, resulting in an increase in traffic jams for drivers.

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