Group chief executive Greg Miller said the plan will create and sustain jobs and help New Zealand's exports and domestic freight gets where it needs to go.
"It covers the important work of replacing ageing bridges, worn-out tracks and the civil works necessary to ensure that our national rail network is up to standard so that the thousands of train services we run are reliable."
He said with 70 per cent fewer emissions than road transport, getting more freight onto rail "offers a real opportunity" to reduce the country's transport emissions.
"But we're only going to see that mode-shift if we have a resilient and reliable network. This first RNIP is about getting the basics right, which will allow us to really grow rail."
Work will be undertaken between mid-2021 and 2024 in line with the Government direction outlined in the NZ Rail Plan.
The work is paid for through the National Land Transport Fund and has to be approved by the Minister of Transport.
