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

  • Upgrade for London’s traffic signals
    August 19, 2014
    Technology services company, telent, along with three other suppliers, has been awarded a contract worth well over US$166.5 million from Transport for London (TfL). The overall contract is an eight-year agreement that will see the capital's 6,000 traffic signals upgraded and maintained to the latest, greenest standards. telent's contract is believed to be the largest single traffic signal supply and maintenance contract ever awarded in the UK. Telent will supply, install and maintain all traffic control
    Read More
  • European Bank backs Tblisi metro modernisation
    May 11, 2020
    A loan of €75 million will improve commuters’ journeys in Georgia’s capital
    Read More
  • HS2 ‘crucial to Britain’s future transport needs’
    October 30, 2013
    Britain cannot meet its future transport needs without HS2, according to new evidence published by the government. Even with over US$80 billion of planned transport investment over the next six years the country’s railways will be overwhelmed. The strategic case for HS2 sets out in detail the need for a new railway line to provide the vitally needed extra capacity. Central to the case is new data that reveals the true extent of the crisis facing the UK rail network and the impact alternatives to buildin
    Read More
  • Confusing funding and financing can be costly
    September 23, 2014
    Tolling may be the way forward for paying for the roads of the future - but where will concessionaires find the money and do they need funding or financing? Increasingly, governments around the world are concluding that they can no longer pay for new roads and are turning to the private sector for help.
    Read More

Highlighted Content