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EIB agrees billion pound backing for London transport

Xinhua, September 15, 2015 Adjust font size:

The European Investment Bank (EIB) has agreed to provide 1 billion British pounds (about 1.54 billion U.S. dollars) for investment in the London transport network, it said in a statement Monday.

The 35-year loan from Europe's long-term lending institution will support major projects, including significant upgrades by Transport for London at Victoria and Bank Tube stations, which will transform passenger access at two of the busiest stations in the capital.

"The loan from the EIB is essential in enabling us to make the continued improvements to the transport network that support new jobs, homes and economic growth in London and beyond," said Steve Allen, managing director for finance at Transport for London.

According to the EIB, commuters and visitors in London will benefit from step-free access between underground trains and street level at both Victoria and Bank Tube stations once the projects are completed.

Meanwhile, the EIB-backed loan will be used to renew tracks, points and drainage on more than 102 km of the London underground network, including over 18 km of tunnels.

"The EIB is committed to supporting investment to improve sustainable urban transport across Europe and around the world," said Jonathan Taylor, vice president of the European Investment Bank.

The EIB said it has provided billions of pounds of investment that has transformed transport in London in recent years, such as the DLR and London Overground, and has backed other schemes such as Crossrail and the Northern Line extension.

Last year, the EIB provided a record 6 billion British pounds for long-term investment in key infrastructure across Britain, including support for new hospitals, better water and sewerage infrastructure, renewable energy and energy transmission and private sector investment, the EIB said. Endit