EIB lends £1bn for Crossrail

by Richard Kilner

Story link: EIB lends £1bn for Crossrail

The European Investment Bank (EIB) has announced it has agreed a £1bn loan to Transport for London (TfL) for the Crossrail project in London, the largest construction project in Europe.

EIB Vice President Simon Brooks has stated that Crossrail will deliver great benefits for London economically, as well as enhancing rail capacity in the British capital and having a positive impact on the environment.

Mayor Boris Johnson warmly welcomed the loan in his uniquely enthusiastic manner, describing Crossrail as an unstoppable force.

The project is due to open in 2017 and will enlarge London’s rail capacity by a tenth.

At its zenith the project will employ 14,000, and there are 7,000 jobs associated with Crossrail providing substantial economic positives.

Crossrail is not the only major infrastructure project in London enjoying finance from the EIB.

In June the bank loaned £95m to Triathlon Homes LLP to provide accommodation for the participants of the 2012 Olympic Games.