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September 08, 2009

EIB and TfL agree £1 billion Crossrail loan

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TRANSPORT for London (TfL) has agreed a £1 billion loan with the European Investment Bank to finance part of its contribution to the city's £15.9 billion Crossrail project. TfL and the Greater London Authority are responsible for £7.76 billion of the project's funding, and £2.4 billion of this will be linked to Crossrail's anticipated fares revenue. The EIB loan facility will be drawn down over the next six years.
Crossrail involves the construction of a tunnel under London connecting the Great Western Main Line (GWML) at Paddington with the Great Eastern Main Line at Stratford, with an underground branch from Whitechapel running under the River Thames to Abbey Wood. The project requires the excavation of 41km of 6m-diameter single-bore tunnels, the construction of seven underground stations, and electrification of the Airport Junction-Maidenhead section of the GWML. Preliminary works began at Canary Wharf in May, and demolition work is now underway at Tottenham Court Road, where tunnel boring machines will be launched in 2011.
The line is expected to increase London's overall rail capacity by 10% when it opens in 2017.

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