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

  • CEF funds to be used for EFSI ‘only as a last resort’
    April 17, 2015
    Parts of the European Commission’s proposals for the European Fund for Strategic Investments, which foresee the reallocation of US$3.5 billion from the Connecting Europe Facility to provide a part of the US$17 billion for the guarantee fund should be deleted, Transport MEPs suggested in their opinion approved on Tuesday. This target amount should instead be met by gradual budgetary commitments to the guarantee fund to be decided in the frame of the annual budgetary procedure, they add. Instead of cuttin
    Read More
  • TfL to trial new bus sensor technology
    August 1, 2014
    Transport for London (TfL) is to trial detection software to enhance bus driver awareness of pedestrians and cyclists. The six-week trial will start later this month as part of a continued drive to improve road safety in the capital. Four buses will be fitted with brand new pedestrian and cyclist detection software which directly alerts bus drivers when pedestrians and cyclists are moving close to their vehicles, helping to reduce collisions. TfL is trialling two systems, CycleEye from Fusion Processi
    Read More
  • EBRD supports Kazakhstan railway improvements
    December 20, 2013
    The European Bank for Reconstruction and Development (EBRD) is supporting Kazakhstan Temir Zholy (KTZ), the national railways company, in its drive to radically improve energy efficiency across its operations. A US$40 million loan, US$700,000 of which will be provided by the Clean Technology Fund, will finance a series of new technologies to reduce energy consumption, from an upgraded lighting system to alternative heating solutions such as heat pumps, solar water heaters and boiler upgrades. The progra
    Read More
  • Mayor’s plans for London’s road network step up a gear
    February 10, 2015
    The Mayor of London, Boris Johnson, has revealed further details of plans to deliver his bold vision for the future of London’s road network, aimed at reducing congestion, creating new public spaces and encouraging more people to walk and cycle. The Mayor unveiled proposals to redesign a number of key road networks in the capital in order to unlock growth and make the capital a more attractive place to live and work.
    Read More

Highlighted Content