Transport for London has agreed a £1bn loan with the European Investment Bank (EIB) to finance part of their contribution to the Crossrail project.
The £1bn loan facility which will be drawn out over the next six years, is a contractual agreement between TfL and the EIB - the long-term financing institution of the European Union.
TfL and the Greater London Authority are responsible for £7.7bn of Crossrail's £15.9bn funding. Out of the £7.7bn Tfl/GLA funding...
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