On Sep 8, 9:04*am, Robert wrote:
On 2009-09-08 16:42:49 +0100, 1506 said:





On Sep 8, 3:08*am, Mizter T wrote:
[x-posted to uk.transport.london]
[original thread on uk.railway]

On Sep 8, 8:59*am, JP wrote:

EU has lent £1bn towards Crossrail according to Mayor Boris

Excerpt from today's TfL press release:

"The Crossrail project received a major boost today as Transport for
London (TfL) announced that it has agreed a £1bn loan with the
European Investment Bank (EIB) to finance part of their contribution
to Europe's largest construction project."

Read the rest of it hehttp://www.tfl.gov.uk/corporate/media/newscentre
/12515.aspx

Apparently it is "one of the largest loans ever secured for a
transport project".

Of course the big hurdle that Crossrail has yet to pass is the
comprehensive public spending review that's going to be instituted by
Cameron and Osbourne when they inevitably gain power next year.

[x-posted to misc.transport.urban-transit]

One also has to ask the question: "What does the EU expect in return
for their investment"?

Not the EU but the European Investment Bank. A different animal.

And the answer is... Their money back later, with interest.

Thanks that was not clear from the OP.

And the answer is... Their money back later, with interest.

Much as I believe Cross rail is needed, I think repayment may take a
while. This will be an expensive project. The UK economy will be
weak for some time to come (three more years, perhaps).