Crossrail secures billion-Euro loan

Crossrail has been awarded a 1 billion Euro loan by the European Investment Bank, representing another important step for the project.

Although construction work in Canary Wharf started four months ago and there is another large hole at Tottenham Court Road, the project's future is still the source of speculation, with large capital investment projects considered relatively easy to cull in the event of an anticipated cut in government expenditure following the next election. Securing this funding will make it harder to put the brakes on Crossrail.

With the growth of Canary Wharf and other parts of East and South East London constrained by the relative lack of public transport infrastructure, Crossrail will benefit this side of London disproportionately and turn Whitechapel (connected to Brockley via the East London Line) in to a major transport hub.

Mayor Boris 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."

[Full disclosure: the company I work for, Edelman, works for a company with a commercial interest in Crossrail]