The government of Brazil has announced it is seeking bid proposals for a 317-mile high-speed rail line linking São Paulo and Rio de Janeiro. The project would be the first of its kind in South America, which currently has no high-speed rail lines. The project currently has an estimated budget of $19.44 billion and would serve a corridor that is home to 40 million people—20% of Brazil’s population.

Under the current plan, 60% of the cost would be funded by Brazil’s development bank, and the remaining 40% would be provided by the winning bidder, which also would receive a concession to operate the line for up to 40 years.