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

  • TfL challenges app designers to make the most of cycling data
    April 7, 2017
    Transport for London (TfL) has challenged app designers to improve their services to cyclists after expanding the data it makes available to them. TfL has added mapping information for eight Cycle Superhighways and one Quietway to their open data portal, allowing developers to make it even easier for Londoners to find and use the best cycle routes. New Superhighways and Quietways will be added as they open. The information allows developers to accurately map out the existing network within apps and on
    Read More
  • Trans-Pennine road tunnel routes shortlisted, may include special lighting, caverns
    August 19, 2016
    Five routes have been shortlisted for the Trans-Pennine tunnel – the most ambitious road scheme undertaken in the UK in more than five decades. The Trans-Pennine tunnel study was launched by the government in autumn 2015, one of a number of studies aimed at addressing some of the biggest challenges facing the road network in the UK. The latest interim study shows the continued strong case for the tunnel which could provide safer, faster and more reliable journeys for motorists. All five routes join th
    Read More
  • Carbon finance delivers critical support to mass transit schemes
    February 2, 2012
    David Crawford investigates carbon finance in transport. World Bank carbon finance grants are delivering critical support to major mass transit deployments in emerging and developing economies. Only recently operative in the transport sector, the Clean Development Mechanism (CDM, see panel) is designed to generate additional income streams and improve internal rates of return on projects funded from public- and private-sector sources.
    Read More
  • Swarco’s full matrix VMS aiding London’s driver information
    November 30, 2015
    Swarco’s full matrix driver information signs are now being installed for the first time across the Transport for London (TfL) strategic route network. The full colour signs, which are fully programmable and deliver high levels of clarity, energy efficiency and life expectancy, have been integrated with TfL’s proprietary controls, making them compatible with the London driver information system and utilising the existing radio communications network.
    Read More

Highlighted Content