EIB loan to finance Crossrail

Transport for London (TfL) has secured a £1bn loan from the European Investment Bank (EIB) to finance its Crossrail project.

The project is one of Europe’s largest construction programmes and will see a high-frequency service connect areas east and west of the capital. The new service will run 118km from Maidenhead and Heathrow in the west through new twin-bore 21km tunnels under central London to Shenfield and Abbey Wood in the east.

According to TfL, the six-year EIB loan facility will provide international recognition of Crossrail’s importance and will make a significant contribution to the UK economy.

Simon Brooks, vice-president of the EIB, said: ‘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.’