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

  • Syracuse models post-industrial revival for US cities
    August 13, 2015
    A connective corridor in Syracuse, New York State, could be a model for other post-industrial cities, as David Crawford discovers. The aim of the city of Syracuse’ 5.6km-long Connective Corridor in Onandaga County in upstate New York is to create a model ‘complete street’ for use in wider regeneration schemes. Key transport-sector components are traffic calming, high-quality transit with accessible passenger information, plus walkability and bike-friendliness.
    Read More
  • Impact of US economic stimulus programme on ITS industry
    August 2, 2012
    Pete Goldin reports on the public sector perspective in this second article exploring the impact of the US economic stimulus programme on the domestic ITS industry The American Recovery and Reinvestment Act (ARRA) was enacted in February 2009 to help stimulate the US economy in the face of global recession. Of measures worth a nominal total of $787 billion, the US Department of Transportation (USDOT) received just over $48 billion with which to promote short-term economic recovery and an additional $1.5 bil
    Read More
  • Exchanging Places event causes cyclists to rethink their cycling habits
    February 21, 2014
    Almost everyone who got behind the wheel of a heavy goods vehicle at the London Bike Show said that the experience caused them to rethink the way they cycle. More than 850 cyclists took part in Exchanging Places run by Crossrail and the Metropolitan Police Service, which allows them to see the road from a lorry driver’s point of view and get a better understanding of what drivers can and cannot see. Most were unaware of the size of blind spots from inside the driver’s cab. Chief Superintendent Sultan
    Read More
  • EBRD supports extension of Romanian motorway network and trans-European links
    June 22, 2016
    The European Bank for Reconstruction and Development (EBRD) is supporting the construction of new sections of the D4 highway and the R7 expressway in the Slovak Republic with debt facilities of up to US$159 million (€150 million). The funds are part of a larger package totaling US$987 million (€875 million) provided to the concessionaire Zero Bypass under a public-private partnership (PPP) scheme. Other participants include the European Investment Bank (EIB), the Slovak Investment Holding, Instituto de
    Read More

Highlighted Content