Press Release: TfL agrees £1bn loan for Crossrail from European Investment Bank

London’s Crossrail project received a major boost on 8 September, 2009, as Transport for London (TfL) announced that it has agreed a £1bn loan with the European Investment Bank (EIB) to finance part of their contribution to Europe’s largest construction project. The European Investment Bank loan facility provides international recognition of Crossrail’s importance and is a milestone in the delivery of the project.

Simon Brooks, Vice-President, European Investment Bank said: 'Crossrail is the largest construction project in Europe and will make an important contribution to London’s economy. By providing a much-needed boost to rail capacity in London and the South East, Crossrail will help to develop London as a sustainable world city by reducing congestion and pollution for the benefit of Londoners, commuters and visitors. It will also link London more efficiently into the European and global transport networks. We at the EIB are delighted to support the project with this loan.'