Terry Morgan, Chairman of Crossrail Ltd the company behind the £15.9 billion Crossrail project, welcomed today's announcement that the European Investment Bank (EIB) has agreed to loan Transport for London £1 billion towards the financing of the new railway.
Mr Morgan said: "This £1 billion loan from the EIB is a massive confidence boost for Crossrail and is really good news for the project and for London. Crossrail is vital to London and Londoners, who through the contribution of Transport for London, are the largest contributors towards the cost of building the new railway. The loan will underpin TfL and London's commitment to Crossrail and will be a key element in delivering the capital a world class affordable railway."
Crossrail Press Office, 020 3229 9552, [email protected]
Notes to Editors
Crossrail will run 118 km from Maidenhead and Heathrow in the west, through new twin-bore 21 km tunnels under central London to Shenfield and Abbey Wood in the east. It will bring an additional 1.5 million people within 60 minutes commuting distance of London's key business districts. When Crossrail opens it will increase London's public transport network capacity by 10 per cent, supporting regeneration across the capital, helping to secure London's position as a world leading financial centre, and cutting journey times across the city.
The Crossrail Act received Royal Assent on 22 July 2008, granting the powers to build the railway, and Crossrail construction began on 15 May 2009 with work commencing at the new Crossrail Canary Wharf station.
Preparatory works will continue throughout 2009. Main Crossrail construction starts in 2010. Crossrail is scheduled to open for service in 2017.