Transport for London (TfL) agreed a £1bn loan with the European Investment Bank (EIB) to finance part of London’s Crossrail project.
When Crossrail opens in 2017 its high capacity and high frequency trains will increase London’s rail capacity by 10% connecting key business districts of the West End, City and Docklands with the outer suburbs relieveing congestion on other lines.
According to data, the project will provide a boost to London and the UK’s economy employing around 14,000 people and supporting 7,000 further jobs linked to it.
The first construction work for Crossrail began on 15 May 2009 at Canary Wharf.
The major Programme Partner and Project Delivery Partner contracts that will oversee the delivery of Crossrail were awarded earlier this year and more than half the design contracts have now been let.