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RNS Number : 0893H

Transport For London

01 December 2020

Transport for London (TfL)

1 December 2020

Crossrail additional funding agreement

Transport for London ("TfL") announces today that an additional funding and financing package has been agreed between TfL, the Greater London Authority ("GLA") and Her Majesty's Government for the final phase of the Crossrail project.

On 21 August 2020, TfL announced t hat Crossrail Limited ("CRL") had advised that the central section of the Elizabeth line is expected to open during the first half of 2022. This remains subject to review and validation by TfL and the Department for Transport ("DfT") as sponsors of the Crossrail project. It was also announced that t he cost to complete the Crossrail project is expected to exceed the GBP2.15bn financing package agreed between the DfT, the GLA and TfL in December 2018. CRL continues its work on reducing the shortfall, while further independent analysis of costs is ongoing.

It has now been agreed that, to address the shortfall, GBP825m of additional borrowing will be made available to the GLA by the DfT and passed to TfL as a grant for the purposes of the Crossrail project. This grant is intended to be provided to the Crossrail project once TfL's GBP750m loan facility, agreed as part of the previous GBP2.15bn financing package, is exhausted.

For further information, please contact:

Transport for London

5 Endeavour Square

London E20 1JN

Email: GroupTreasury@tfl.gov.uk

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December 01, 2020 04:24 ET (09:24 GMT)

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