European Investment Bank backs London transport upgrade

The European Investment Bank (EIB) is loaning £1 billion to fund transport improvements in London, including major upgrades of Victoria and Bank Underground stations.
Step-free access will be provided at both stations, while at Bank the interchange with Monument station is also to be improved. The loan, which has a 35-year term, will also be used to renew tracks, points and drainage on more than 60 miles of the London Underground network, including more than 11 miles of tunnels.

Transport for London Managing Director for Finance Steve Allen said: “More than 80 million customers already pass through Victoria Tube station each year, and once complete this vital modernisation work will help us to keep pace with London’s rapidly growing population.

“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.”

Work is already under way to build the new North ticket hall at Victoria, which will open next year. The South ticket hall is being doubled in size and is due to open in 2018. More than 400 new jobs and 20 apprenticeships have been created during the project so far.