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TORONTO – The province of Ontario announced Monday it will invest $4.9 million to expand Toronto’s Bike Share program which will double the size of its current network by the end of 2016.

“We know that cycling generates a broad range of economic, environmental, health, social and other benefits, which helps build healthy, more active and prosperous communities,” said Steven Del Duca, Minister of Transportation in a media release.

Bike Share Toronto planned expansion is great news! pic.twitter.com/6mfp6x9JQb — Bike Share Toronto (@bikeshareTO) July 6, 2015

The province, through a partnership with Metrolinx — the province’s regional transportation agency, says the money will be used to purchase more bikes and docking station to be placed close to transit stations and in dense areas where demand is high.

Although the majority of the expansion is slated for Toronto, the agreement also provides for some bikes and docking stations to be set up in a “willing host municipality within the Greater Toronto and Hamilton Area.”

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This part of the agreement is a two-year pilot program to be implemented by December 2017.

The Toronto Parking Authority (TPA) entered a sponsorship agreement with TD Bank last year to help fund the city’s public bike sharing program after Bixi fell into financial trouble.

Bike Share Toronto currently has more than 4,000 active users.