Tuesday, September 8, 2009

TfL secures £1bn Crossrail loan deal

Transport for London has secured a ВЈ1bn loan with the European Investment Bank to help finance its contribution to Crossrail.

TfL is responsible for £7.7bn of Crossrail’s £15.9bn 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: “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.”


TfL secures £1bn Crossrail loan deal


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