TfL is responsible for ВЈ7.7bn of CrossrailвЂ™s ВЈ15.9bn budget. Almost a third of its contribution will be funded by borrowing linked to future Crossrail fares revenue.
TfL already has two loan agreements with EIB: a ВЈ450m loan to finance the East London Line Extension; and a ВЈ200 million loan to part-fund the Docklands Light Railway three-car upgrade and the Stratford International Extension.
Boris Johnson, mayor of London, said: вЂњOur good friends at the EIB have provided us with a billion more reasons to proceed with the unstoppable force that is Crossrail.
вЂњIt 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.вЂќADVERTISEMENT
The first construction work for Crossrail began on 15 May 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.
Crossrail is due to open in 2017.
Accounting, finance jobs becoming available in NashvilleCrossrail contracts awarded