The Ontario government has announced a nearly-$5 million investment in Bike Share Toronto, promising to double the city's current network.

The provincial government will contribute $4.9 million to the program, Transportation Minister Steven Del Duca said at a news conference on Monday.

The investment comes from a partnership between the Toronto Parking Authority, the company behind Green P parking lots, and Metrolinx, a crown agency that manages public transportation in the Greater Toronto and Hamilton Area.

"Expanding Bike Share Toronto will provide more cycling options for people and families to use and to help them stay active," Del Duca told reporters.

The minister said the investment will "more than double" the size of the current network in the next few years. He said more bike depots will be placed within walking distance of transit stations including GO and TTC hubs.

"An expanded share program is one more spoke in the wheel of Bike Share and the many transportation solutions that will keep Toronto moving," Deputy Mayor Denzil Minnan-Wong said at the news conference.

"It's important for us to recognize cycling as a transportation option as it continues to grow."

The Bike Share program began as Bixi Toronto in 2011, and was taken over by the Toronto Parking Authority in 2014.

Approximately 1,000 bikes, at 80 stations across the city, are available for rent 24 hours a day.

Similar programs can be found in more than 200 cities, including New York, London, Paris and Barcelona.

Riders can buy a monthly membership for $18 or an annual membership for $90.