Transport for London secures £1billion Crossrail loan

Transport for London (TFL) has managed to secure a £1billion loan with the European Investment Bank to finance its contribution to Crossrail. TfL is responsible for £7.7billion of Crossrail’s £15.9billion budget.

Boris Johnson, mayor of London, said: “Our good friends at the EIB have provided us with a billion more reasons to proceed with the unstoppable force that is Crossrail...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's leading cities.”

Crossrail is due to open in 2017.