Skip to main content

EIB backing for London transport

The European Investment Bank (EIB) has agreed to provide US$1.5 billion for investment in the London transport network. The 35 year loan from Europe’s long-term lending institution will support major projects, including significant upgrades by Transport for London (TfL) at Victoria and Bank Tube stations, which will transform passenger access at two of the busiest stations in the capital. The new support was announced by Jonathan Taylor, vice president of the European Investment Bank and Steve Allen, ma
September 15, 2015 Read time: 3 mins
The European Investment Bank (EIB) has agreed to provide US$1.5 billion for investment in the London transport network. The 35 year loan from Europe’s long-term lending institution will support major projects, including significant upgrades by 1466 Transport for London (TfL) at Victoria and Bank Tube stations, which will transform passenger access at two of the busiest stations in the capital.
 
The new support was announced by Jonathan Taylor, vice president of the European Investment Bank and Steve Allen, managing director, Finance TfL ahead of a visit to Victoria Tube station to witness the breakthrough of a new interchange tunnel between two new ticket halls being built at the station.
 
Commuters and visitors to the capital will benefit from step-free access between underground trains and street level at both Victoria and Bank Tube stations once work backed by the new EIB loan is completed. As well as transforming Victoria Tube station, the EIB loan will enable quicker and easier access for passengers changing between Bank and Monument stations, the fourth busiest interchange on the London Underground network. The loan will also be used to renew tracks, points and drainage on more than 102 km of the London underground network, including over 18km of tunnels.

Financial secretary to the Treasury, David Gauke said: “This announcement shows our plan to secure a good deal for the UK from the EU’s European Investment Bank is working. By providing US$1.5 billion worth of investment, vital upgrades can now be made at two of the capital’s busiest stations, making journeys easier for millions of working people. This is part of record lending by the EIB to the UK which totalled US$9.2 billion last year.”
 
Allen said: “More than 80 million customers already pass through Victoria Tube station each year and, once complete, this vital modernisation work will help us to keep pace with London’s rapidly growing population. The loan from the EIB is essential in enabling us to make the continued improvements to the transport network that support new jobs, homes and economic growth in London and beyond.”
 
“The European Investment Bank is committed to supporting investment to improve sustainable urban transport across Europe and around the world. Continued investment in London’s transport network is essential in addressing the changing and increasing transport needs in Europe’s largest and fastest growing city.” said Taylor.

For more information on companies in this article

Related Content

  • AECOM appointed technical partner for A303 improvements scheme
    April 12, 2017
    Global infrastructure services firm AECOM has secured an eight-year contract with Highways England to work as its technical partner for the major A303 Amesbury to Berwick Down improvements scheme. AECOM, working with its supply chain partners Mace and Mouchel, will deliver a range of multidisciplinary services to support all phases of the project, which will upgrade the eight-mile stretch of the A303 from single to dual carriageway to create a high-quality, reliable route to the south west, improve safet
  • Highways England HQ now open
    March 20, 2015
    The new headquarters of Highways England, the company that will run motorways and major A roads, has been opened today by Transport Secretary Patrick McLoughlin. The new company, which replaces the Highways Agency on 1 April, marks a step change in how England’s roads are maintained and managed and will be responsible for delivering more than US$22 billion of investment by 2021. The new company will have longer-term funding to be able to plan ahead and invest in skills and equipment to speed up essential wo
  • IBM helping to transform Zhenjiang's transport system
    March 22, 2012
    IBM and the City of Zhenjiang, China, have announced that IBM is helping to transform the city's public transportation system. Zhenjiang will use hardware, software, services and technologies from the company’s research labs, all brought together through the IBM intelligent operations centre (IOC) for smarter cities, a solution that will serve as the central point of command for the city.
  • President to unveil infrastructure funding initiative
    July 21, 2014
    President Obama is to unveil a new federal initiative to help cities and states find private financing for transportation infrastructure. The announcement comes as the White House looks to increase pressure on Congress, which this week is debating a short-term fix to the rapidly depleting highway trust fund that underwrites road and mass transit construction. Under the plan to be unveiled by Obama, the Department of Transportation will open a new investment centre designed to serve as a ‘one-stop sho