TfL Receive EIB Loan Boost For Crossrail Project

Wed, 09 Sep 2009

Transport for London (TfL) has announced it has secured a £1bn, six-year loan facility from the European Investment Bank (EIB) to help finance its Crossrail project in London .

The £15.9bn project is one of the largest construction programmes in Europe, and once completed will see a high-frequency rail service link the West End, City and Docklands districts with areas east and west of the capital.

According to the EIB, Crossrail will make an important contribution to London's economy, as well as enhancing rail capacity and having a positive impact on the environment.

Due to open in 2017, the new service will run 118km from Maidenhead and Heathrow in the west through to Shenfield and Abbey Wood in the east, increasing rail capacity in London by 10 per cent.

The project is expected to employ 14,000 people at its peak and support a further 7,000 jobs indirectly.

Simon Brooks, vice-president of the EIB, said: "We at the EIB are delighted to support the project with this loan ."

"By providing a much-needed boost to rail capacity in London and the south east, Crossrail will help to develop London as a sustainable world city by reducing congestion and pollution for the benefit of Londoners, commuters and visitors. It will also link London more efficiently into the European and global transport networks."

London Mayor, Boris Johnson added: "Our good friends at the EIB have provided us with a billion more reasons to proceed with the unstoppable force that is Crossrail."

"It is one of the largest loans ever secured for a transport project and I am especially pleased to have this backing for our drive to provide London with the facilities required to keep our capital as one of the world's leading cities."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Credit Crunch Savers
HSA Dental Plan
Get covered from £7.70 per month!
Amex Cash Back
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company