He advised the bid accompanied that for the 75m required to relay the Coleraine to Londonderry line.
"You will appreciate the difficult financial context under which we are currently operating," he stated.
"Capital bids have been made as part of the CSR to fund the Coleraine to Derry track relay and the purchase of 20 new trains, which will provide additional services on the Belfast to Derry line," he added.