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Sunday, June 16, 2024

£1bn loan to support London rail projects

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The European Investment Bank (EIB) has announced a long-term loan worth £1 billion to fund transport projects in London.

Spread over 35 years, the loan will help fund Access for All schemes, track renewals and station improvement schemes at Bank and Victoria.

It’s the largest loan issued by EIB for London transport projects since Crossrail.

The loan was announced during a visit to Victoria Tube station to attend the final breakthrough on 300 metres of new tunnels connecting the new North ticket hall to the South ticket hall.

Steve Allen, managing director for finance at Transport for London, said: “More than 80 million customers already pass through Victoria Tube station each year and, once complete, this vital modernisation work will help us to keep pace with London’s rapidly growing population.”

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