Crossrail safe as Boris bags a billion
15 Sep 2009
The Crossrail project is back on course as London Mayor Boris Johnson netted a cool one billion pound loan from the European Investment Bank.
The loan gives renewed encouragement to rail engineering and construction organisations poised to start work on Europe’s most ambitious urban rail project this century.
Says Mr Johnson, ‘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.’
Work began on Crossrail in May at Canary Wharf. Demolition works continue at Tottenham Court Road. However, over the summer rumours of a funding crisis had dogged the project. What will eventually become one of the biggest employers in the rail industry has now won European-wide backing.
Says Simon Brooks, Vice-President, European Investment Bank (pictured with Boris), ‘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.’
Crossrail plans to let two major contracts for building the tunnels. The new link is expected to open in 2017 and will employ 14,000 railway construction staff at its peak. The mayor’s timely euro-billion effectively helps close the funding gap on the £16 billion project.
The news comes as the industry pushes ahead with new technologies and plant and equipment designed for use in projects like Crossrail, see the Plant and Equipment feature in RailStaff.