Boris gets £1bn for Crossrail from Euro Bank
PUBLISHED: 08:01 08 September 2009 | UPDATED: 14:50 05 October 2010
THE Crossrail project has received a £1 billion boost from the Euro investment. The European Investment Bank has agreed to a loan, City Hall announced this-morning
THE Crossrail project has received a £1 billion boost from Euro investment.
A loan has been agreed by the European Investment Bank, City Hall announced this-morning (Tuesday).
It is international recognition, says Transport for London, of the strategic importance of the new super tube’ linking Canary Wharf with the City, West End and Heathrow, the biggest building project in Europe.
“This is one of the largest loans ever secured for a transport project,” said a delighted Mayor Boris Johnson. “It backs our drive for facilities to keep London one of the world’s leading cities.”
Crossrail opens in 2017 with high frequency trains which will increase London’s rail capacity by 10 per cent in one fell swoop, connecting key business districts of Central London with the outer suburbs and Heathrow, while relieving congestion on the ageing London Underground.
Construction began on May 15 at Canary Wharf on the Isle of Dogs in East London. Tunnel boring machines begin in 2011 driving twin tunnels from Paddington, under the West End and City to Whitechapel, where Crossrail splits into two branches, the south to Canary Wharf and under the Thames to north Kent and the east to Stratford and Essex. More than half the design contracts have now been signed.
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