In an effort to further improve public transit for the people of Canada's largest city, our federal, provincial and municipal governments have pooled roughly $934 million for the purchase of 1,738 new and revitalized TTC buses.

Mayor John Tory was joined by Canada's Minister of Infrastructure, Amarjeet Sohi, Ontario Minister of Transportation Kathryn McGarry, and TTC chair Josh Colle in Toronto on Monday morning to make the announcement.

"Every day, the lives and livelihoods of Toronto residents depend on being able to move around our city quickly, safely and reliably," said Tory in a speech.

The Governments of Canada and Ontario, and the City of Toronto invest in 1,738 new and revitalized buses in Toronto, improve public transit for commuters: https://t.co/CvcEfi8IsU #CityofTO pic.twitter.com/O2zCBth0ot

— City of Toronto (@TorontoComms) April 23, 2018

"Maintaining our existing bus fleet and adding more buses on our roads will bring transit into every neighbourhood of our city," he continued. "There is no area where collaboration and cooperation is more essential than in keeping our residents moving."

More than $442 million of the almost 1 billion dollars invested in this project, called TTC Bus Purchase and Bus Rebuild, will come from the Government of Canada's Public Transit Infrastructure Fund.

The City of Toronto is providing an additional $492 million in funding.

Today #Infra Min @SohiAmarjeet announced one of the largest bus purchase and rebuild projects for the City of Toronto. We are partnering with the Province of Ontario to purchase 1,043 new buses and revitalise 695 current buses with the TTC. #cdnpoli #topoli pic.twitter.com/U3IQLdu1zW

— Adam Vaughan (@TOAdamVaughan) April 23, 2018

A total of 1,043 buses will be brand new, including 60 battery electric buses, 254 second generation hybrid electric buses, and 729 clean diesel buses. The project will also see 695 TTC buses rebuilt.

"Investing in public infrastructure supports efficient, affordable and sustainable transit services that help Canadians and their families get to work, school and essential services on time and back home safely at the end of a long day," reads a press release from the City of Toronto."

"The project will ensure that the TTC's bus fleet remains in a state of good repair and is able to meet Toronto's future ridership demands."