UK. Government Gives Crossrail GBP350m Loan

- Nov 01, 2018-

 Crossrail has been handed an extra GBP350m by the government to support construction work on the delayed line which was set to cost GBP15.4bn. Rail minister Jo Johnson confirmed the government would be providing a GBP350m loan to Crossrail to finance the final fit-out of the tunnels, work on stations and systems testing. The full financing agreement could see further funds injected to the project on top of its current GBP15.4bn funding package. Transport for London said the money would be used for work until a full financing agreement between the Mayor and Department for Transport was agreed. The GBP350m loan will be given on top of the GBP590m funding handed to the project in July, which comprised GBP300m being handed to Crossrail and GBP290m to Network Rail to complete associated works. 
 Source: ITV