Crossrail Secures £1bn Loan

We are delighted to hear today that TfL has secured £1bn funding for the CrossRail project, from the European Investment bank, one of the largest loans ever secured for a transport project.

The new 72 mile railway will cost approx £16bn in total, of which £7.7bn will be funded by TfL. It is due for completion by 2017 when it will connect West London (Maidenhead, Berks) to East London (Shenfield, Essex), with a critical link to Heathrow Airport.

Simon Brooks of the EIB told reporters that “Crossrail is the largest construction project in Europe and will make an important contribution to London’s economy“. “By providing a much-needed boost to rail capacity in London and the South East, Crossrail will help to develop London as a sustainable world city by reducing congestion and pollution for the benefit of Londoners, commuters and visitors. It will also link London more efficiently into the European and global transport networks“.

Boris Johnson said the loan gave “a billion more reasons to proceed with the unstoppable force that is Crossrail“. We certainly hope so…