$5 Billion in Funding for Northeast High-Speed Rail—Courtesy the Japanese Government

"An investor group hoping to build a high-speed train capable of cutting the travel time between Baltimore and Washington to 15 minutes says in a filing to state regulators that it has lined up more than $5 billion in financial backing," reports Kevin Rector.

The public Japan Bank for International Cooperation is behind the $5 billion, but the private Central Japan Railway Co. "has agreed to waive any licensing fees for use of its maglev technology," adds Rector.

"The details were included in Rapid Rail's filing Wednesday asking Maryland regulators for the old state franchise rights of the former Washington Baltimore & Annapolis Electric Railroad, a once-busy interurban electric rail car system that linked the three cities in the early 20th century."

The details of the so-called Northeast Maglev plans have been hinted at, but the filing released the first details about the Japanese government's involvement in the route. Previous reports on the Northeast Maglev also mentioned that the connection would continue on to New York City.