Crossrail project receives US$814 million EIB funding

The European Investment Bank (EIB), Europe’s long-term lending institution, has provided further funds to support the latest step in Crossrail’s development with a loan of up to US$814 million to Transport for London (TfL). The facility will be used for financing a fleet of new high-capacity air-conditioned trains as well as a new maintenance depot. Finance contracts were signed in London this week by Steve Allen, TfL’s Managing Director Finance and Jonathan Taylor, European Investment Bank Vice President.
December 16, 2013 Read time: 2 mins
The 4270 European Investment Bank (EIB), Europe’s long-term lending institution, has provided further funds to support the latest step in Crossrail’s development with a loan of up to US$814 million to 1466 Transport for London (TfL). The facility will be used for financing a fleet of new high-capacity air-conditioned trains as well as a new maintenance depot. Finance contracts were signed in London this week by Steve Allen, TfL’s Managing Director Finance and Jonathan Taylor, European Investment Bank Vice President.

Jonathan Taylor, EIB vice president said “The European Investment Bank has supported key transport infrastructure across the UK for many years. We are pleased to provide significant support for the latest step in Crossrail’s development, by backing new trains and maintenance facilities. This follows a billion pound loan for the tunnels provided five years ago. Crossrail will transform transport connections across Europe’s largest city and bring economic benefits to both London and the South East. The European Investment Bank looks forward to continued strong engagement in the future”.

Steve Allen, TfL’s managing director, Finance said: “Crossrail will increase rail capacity in the capital by 10 per cent and make it easier for people travelling across London, cutting journey times and will help create jobs and support growth and regeneration along the route. The new Crossrail trains will have air conditioning and walk through carriages maximising capacity”.

European Investment Bank financing will also support construction and operation of a new depot for the Crossrail train fleet.

For more information on companies in this article

Related Content

  • Funding shortfall for US Interstate upgrades
    May 11, 2012
    Andrew Bardin Williams investigates tolling on the federal Interstate system as maintenance and upgrade requirements increasingly outpace funding The I-95 corridor through North Carolina is one of the most heavy trafficked interstates in the US, seeing upwards of 46,000 vehicles per day in some stretches-and North Carolina’s Department of Transportation (NCDOT) estimates this number will to rise to 98,000 vehicles per day by 2040. Along with the rest of the federal interstate system, the North Carolina str
    Read More
  • Cautious welcome for US transportation bill extension
    July 31, 2015
    The US Senate's approval of the three-month MAP-21 extension and the ongoing work in the US Senate to pass a long-term surface transportation authorisation bill has received a cautious welcome from many US transportation authorities. Intelligent Transportation Society of America (ITS America) president and CEO Regina Hopper commented: “While the country is in desperate need of a long-term transportation initiative, we remain hopeful that the three-month extension will provide time for the House and Senat
    Read More
  • UK plans fully integrated transport network to high tech hot spots
    December 9, 2013
    The UK government’s plans to support the country’s burgeoning high-tech industry, centred on London, Cambridge and Oxford, are being facilitated by the Department for Transport (DfT) and its plans for a fully integrated transport network linking each of the three core technical clusters, as well as the wider technical community. The DfT is developing proposals for the construction of a new railway line from Bedford to Cambridge. This would build on the ongoing work on the east-west rail project and compl
    Read More
  • Green light for new approach to bus services in Liverpool
    December 4, 2015
    UK public transport operator Merseytravel is to enter into a formal ‘bus alliance’ initially with operators Arriva and Stagecoach, who together operate 90 per cent of commercial bus services in the Liverpool City region, focused on increasing the number of fare paying passengers, improving customer satisfaction and driving up investment for the benefit of all who use bus services. The ambitious growth target of a 10 per cent increase in passenger journeys, the equivalent of over nine million more journey
    Read More

Highlighted Content