TfL secures 1bn loan from EIB to help fund Crossrail

TRANSPORT for London (TfL) has secured a &pound;1bn loan from the European Investment Bank (EIB) to finance 40 per cent of its contribution to the Crossrail project, it will say today.<br /><br />&ldquo;For the EIB to agree to the loan facility provides international recognition of Crossrail&rsquo;s importance and is a further milestone in the delivery of the project,&rdquo; the transport group said.<br /><br />TfL and the Greater London Authority (GLA) are responsible for &pound;7.7bn of the &pound;15.9bn funding for Crossrail, which will link Paddington and Liverpool Street stations. Out of the &pound;7.7bn financing, TfL must raise &pound;2.4bn.<br /><br />&ldquo;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&rsquo;s leading cities,&rdquo; Mayor Boris Johnson said in response to the loan.<br /><br />The EIB&rsquo;s vice-president Simon Brooks stressed the economic and ecological benefits of the controversial project, which critics say will not be built if there is a change of government at the next election.