The funding will support construction of a new 5.6km link, 13 additional stations, a new depot and the acquisition of 10 new trams.
The latest support for transport infrastructure in Ireland was formally agreed in Dublin Leo Varadkar, minister for transport, tourism and sport, and Jonathan Taylor, EIB vice president for Ireland.
Varadkar said: “The Board of the European Investment Bank has earlier endorsed Luas Cross City and today we have finalised a low interest loan from the Bank to help us build the project. This represents significant savings over the next couple of years. Luas Cross City really transforms rail transport in the Greater Dublin area and makes all sorts of new journeys possible, like Maynooth to Dundrum or Sandyford to the O2. It will add up to ten million journeys a year, take around three million car journeys off the road, create 60 new jobs when up and running and support 800 jobs during construction.”
Taylor said: “An effective public transport network is essential for city life and the European Investment Bank is committed to supporting long-term investment in sustainable transport in Dublin that will reduce congestion and pollution. We are pleased to support the crucial LUAS light rail tram link and acquisition of new trams to improve public transport capacity in the Irish capital. The new LUAS connection will make a signification contribution to construction jobs in Ireland and demonstrates our firm commitment to supporting long-term investment in the country.”
With a total project budget of €368m, the new LUAS link will connect the existing Green Line terminus at St Stephen’s Green to Broombridge Station and provide tram services roughly every three minutes during the peak period. A total of 13 new stations, with 53m long platforms to allow for possible use of longer trams on the line in the future, will be built on the new connection. Trams currently in use on the line, as well as the 10 new trams to be added, will provide services on the link.
Construction of the new link is under way and the first tram services on the new line will start at the end of 2017.
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