The San Juan-Caguas Rail project, currently named NOVOTRÉN, will link the Puerto Rican cities of San Juan and Caguas through a "regional rail network". The plan was announced by the Mayor of Caguas, William Miranda Marín, along with former governor Aníbal Acevedo Vilá on March 9, 2007. The agreement signed creates a public-private society between three parties: the central government, the city council and a regional partnership; it entails an investment of $200 million by the central government through the Government Bank of Development (Banco Gubernamental de Fomento in Spanish). The total cost of the project is estimated at between $375 million and $400 million US dollars.