Transport for London has agreed an £1bn loan with the European Investment Bank to finance part of TfL's contribution to Crossrail, Europe's largest construction project. The £16bn trans-London rail project is due to open in 2017, with high frequency trains which will increase London's rail capacity by 10 per cent. The project will employ 14,000 people at its peak and support 7,000 further jobs linked to the project. Boris Johnson, the Mayor of London, said: "Our good friends at the EIB have provided us with a billion more reasons to proceed with the unstoppable force that is Crossrail. “It is one of the largest loans ever secured for a transport project and I am especially pleased to have this backing for our drive to provide London with the facilities required to keep the capital one of the world's leading cities." The first construction work for Crossrail began on May 15 at Canary Wharf. Demolition works are continuing at Tottenham Court Road to enable a major redevelopment of the station and tunnel boring machines will be launched in 2011. The major Programme Partner and Project Delivery Partner contracts that will oversee the delivery of Crossrail were awarded earlier this year and more than half the design contracts have now been let. The £1bn EIB loan facility will be drawn down over the next six years. |
