The 35-year loan from Europe’s long-term lending institution will support major projects, including upgrades at Victoria and Bank tube stations.
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 £1bn-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.”
Transport for London finance director Steve Allen said: “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.”
The new loan represents the largest loan for UK transport investment since support for Crossrail was agreed six years ago. Over the last decade the EIB has lent more than £8.1bn for transport investment across the UK, including £5bn for transport in London. In recent years the EIB has supported extension of the Northern and East London lines, transformation of the London overground network and Thameslink, as well as improved connections on the Dockland Light Railway and Heathrow Express.