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]

9 comments:

Richard Elliot said...

Perhaps we could get a loan for the Bakerloo line extension to Lewisham too?

Anonymous said...

Mungerloo

St John's User said...

What about a loan to finish off a ramp and some steps?

Tee Hee ;-)

Cynic said...

Good, about time the UK realises we are in the EU for many reasons for our benefit; including access to pan european funds.

What we really need is bloviating Boris to show some leadership and put together a proposal to the EIB and Commission for a pan London transport upgrade, tube line extensions, cross city trams and outer london trams (although they don't help brockley). Deprived areas of London can even access structural funds which we don't have to pay back!

Anonymous said...

How frequent will the trains be on Crossrail?

Headhunter said...

They've barely begun building it or getting funds together. I think we're a long way off a detailed timetable!

Brockley Nick said...

Yes, however it will be a tube-level of frequency, although as it's not technically part of the tube network I wonder if we'll get people moaning IT'S NOT A TUBE as we do in the case of the ell?

Anonymous said...

Thanks Nick - that's the kind of answer I was looking for - i didn't need a detailed timetable thank you Headhunter (and don't be so facetious)

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