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

  • EU supports key TEN-T infrastructure projects
    July 31, 2014
    In the last Calls of the trans-European transport network (TEN-T) Programme, the European Commission selected a total of 106 projects that will benefit from over US$428 million in EU support for improving transport infrastructure across Europe. The 52 projects selected from the 2013 Multi-Annual Call and 54 from the 2013 Annual Call will use the EU’s financial support to bring forward the completion of the TEN-T network as well as studying innovative ways of reducing the transport sector’s carbon footprint.
    Read More
  • Two wheels good
    June 25, 2018
    As cycling becomes an increasingly popular method for commuting and recreation, what moves are afoot to keep the growing numbers of cyclists safe on ever-more-busy roads? Alan Dron puts on his helmet and pedals off to look. It would have seemed incredible just a decade ago, but cycling in London has become almost unfeasibly popular. The Transport for London (TfL) June 2017 Strategic Cycling Analysis document noted there were now 670,000 cycle trips a day in the UK capital, an increase of 130% since 2000.
    Read More
  • Cycling in London grows by ten per cent
    February 2, 2015
    London’s cycling revolution accelerated last year, with 2014 seeing new records for usage of the capital’s cycle hire scheme and overall cycling on the Transport for London (TfL) road network. Across the TfL road network, London’s main roads, cycling levels in quarter 3 of 2014/15 (14 September to 6 December) were ten per cent higher than in the same quarter the previous year and the highest since records began in 2000. It was the fifth record quarter in a row. By the end of 2014/15, TfL forecasts a 12 p
    Read More
  • Politicisation of US transportation funding
    October 13, 2015
    Andrew Bardin Williams looks at how a political stalemate and a series of short-term fixes is undermining America’s highway funding and curtailing long-term planning. It was a week before the deadline to renew funding for the Highway Trust Fund, and the clock was ticking.
    Read More

Highlighted Content