The European Investment Bank (EIB) has agreed to provide £1 billion for investment in the London transport network.
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 new support was announced by Jonathan Taylor, vice president of the European Investment Bank and Steve Allen, managing director, Finance for Transport for London ahead of a visit to Victoria Tube station to witness the breakthrough of a new interchange tunnel between two new ticket halls being built at the station.
Financial Secretary to the Treasury David Gauke said: “This announcement shows our plan to secure a good deal for the UK from the EU’s European Investment Bank is working.
“By providing £1 billion worth of investment, vital upgrades can now be made at two of the capital’s busiest stations, making journeys easier for millions of working people. This is part of record lending by the EIB to the UK which totalled £6 billion last year.”
Allen said: “More than 80 million customers already pass through Victoria Tube station each year and, once complete, this vital modernisation work will help us to keep pace with London’s rapidly growing population.
“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.”
Commuters and visitors to the capital will benefit from step-free access between underground trains and street level at both Victoria and Bank Tube stations once work backed by the new EIB loan is completed.
As well as transforming Victoria Tube station, the EIB loan will enable quicker and easier access for passengers changing between Bank and Monument stations, the fourth busiest interchange on the London Underground network.
The loan will also be used to renew tracks, points and drainage on more than 102 km of the London underground network, including over 18km of tunnels.
The new loan represents the largest loan for UK transport investment since support for Crossrail was agreed six years ago.