PEACEPLUS has granted funding of €165 million to the service, which will facilitate a "major transformation" of the Iarnród Éireann and Translink joint venture.

Over a million trips were taken by the Enterprise train service in 2022, which has been running for 75 years.

By the end of this decade, all the Enterprise fleet will be replaced with brand-new trains thanks to the additional money.

Eight brand-new, contemporary trains will take the place of the current four train sets. Iarnród Éireann claims that this change would shorten travel times and enhance accessibility and passenger satisfaction.

The new trains are anticipated to help both jurisdictions achieve their targets of having a net zero carbon emissions rail line as they transition to fully electrified rail.

The Special EU Programmes Body oversees the PEACEPLUS Programme, which aims to advance prosperity and peace in border counties and Northern Ireland.

It will be supplied over the next five years and has a value of €1.14 billion.

The Shared Island programme, which aims to offer an hourly Enterprise train service, has received funding of €25 million from the government.

According to Iarnród Éireann CEO Jim Meade, more passengers than ever will be able to travel sustainably along the Enterprise route and "contribute to our economy, society and environment" thanks to the new fleet.

As stated by Translink CEO Chris Conway, the Enterprise offers a “tremendous opportunity for growth.”

It is estimated that by 2030, there would be over four million people living within a 40-mile commute from the Belfast to Dublin train route, up from the current population of about 3.3 million.

“The development of the Enterprise service is essential to fostering tight linkages and communication between the communities and individuals residing in and working in the two major cities along the corridor, as well as to enhancing competitiveness.”

“We hope that this encourages more people to leave their cars at home and use public transport,” added Conway.