The Island Corridor Foundation (ICF) is a partnership of First Nations, five regional and 14 municipal governments that took over ownership of the 290-kilometre rail corridor in 2006 on behalf of the communities of Vancouver Island.

The historic agreement capped over three years of intensive negotiations with two of North America’s rail giants, CPR and RailAmerica. It was made possible through the vision of the Cowichan Tribes, Mayors and Councillors from Vancouver Island communities, and railway enthusiasts who did not want to see the corridor divided and sold off in parcels to private interests to be lost forever to the people of the Island.

A 12-person Board of Directors governs the ICF. Five directors represent the Regional Districts and five directors represent First Nations.

Under an agreement with the Foundation, Southern Railway of Vancouver Island (SVI) acts as the rail operator for both freight and passenger services. VIA Rail provides passenger service between Victoria and Courtenay.

Since 2005, the foundation has invested $800,000 into track in high priority areas. In 2007, almost all Island municipalities provided direct and immediate support in the form of $440,000 in property tax concessions.