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

  • Governments must look beyond short-term spending of public funds
    February 2, 2012
    Phil Pettitt, Chief Executive of innovITS, the UK's ITS Centre of Excellence, argues that governments need to look beyond the short-term when looking to pump-prime economic recovery with public funds. It seems, in the current economic climate, that a 'good' day is one in which no company is announcing job cuts or going into administration. Consumer demand is down and businesses are retrenching, cutting costs and fretting over the consequences of shrinking opportunities and order books. It has not been this
    Read More
  • Yunex takes on £200m, 10-year London signal deal
    March 28, 2023
    Transport for London chooses Yunex for the contract which begins in August 2023
    Read More
  • Asecap Days delves beneath the surface of tolling
    August 8, 2017
    Colin Sowman picks his highlights from Asecap’s 45th annual Study and Information Days in Paris. European tolling association Asecap holds annual Study & Information Days, provides delegates with updates on the latest moves and thinking in the tolling sector and is a key meeting place for concessionaires from 22 countries. The importance of road transport to the French economy was highlighted by the country’s director general of transport infrastructures, François Poupard, in the opening session. He told th
    Read More
  • A new era for England’s major roads
    March 26, 2015
    Highways England, the government-owned company which will deliver the largest investment in England’s major roads in a generation, officially launches next week. The company, which replaces the Highways Agency from 1 April, will invest US$16 billion in delivering a raft of improvements on England’s motorways and major A roads making roads even safer, improving traffic flow and reducing congestion. The improvements over the first five years of operation include: 112 major improvements, including 15 sma
    Read More

Highlighted Content