The Mayor of London, Transport for London (TfL), the Department for Transport (DfT) and HM Treasury have confirmed agreed funding and financing package of GBP 825 million (USD 1.103 billion) for the final phase of the Crossrail project. This means work on the railway can continue at pace.
Crossrail Ltd announced in August that it expected the Elizabeth line to open through central London in the first half of 2022 and that they would require funding beyond the agreed funding envelope. Crossrail Ltd is continuing to work hard to reduce its funding shortfall, and TfL is ensuring that further independent analysis of costs is carried out.
The shortfall will initially be covered by the Greater London Authority (GLA) borrowing up to £825million (USD 1.103 billion) from the DfT which will be given by GLA to TfL as a grant. The GLA will repay this loan from Business Rate Supplement (BRS) and Mayoral Community Infrastructure Levy (MCIL) revenues.
When fully open, the Elizabeth line will increase central London's rail capacity by 10 percent, able to carry more than half a million passengers per day and will support new journeys through central London out to Essex and Berkshire. The new railway is expected to support thousands of new homes and new jobs and will boost the UK economy by £42 billion (USD 56 billion).
Future Valleys consortium, the concessionaire of A465 Heads of the Valleys sections 5 and 6 dualling PPP project in Wales, has achieved financial close.
Read moreA 50-50 joint venture between Tarmac and Kier has been awarded the Lot 2 contract of the Transport for London (TfL) Highways Maintenance and Project Framework to maintain and improve highways and related assets covering a 189km network in north London.
Read moreniversity of Birmingham and NHS Foundation Trusts in the UK has selected a 50:50 joint venture between Bruntwood and Legal & General as the preferred bidder to develop Birmingham Life Sciences Park (BLSP) in Selly Oak.
Read moreWe are pleased to announce the new strategic partnership collaboration between InfraPPP and Digital Infra Network.
Read moreHarrow Council in the UK has selected Wates as the development partner in the equally owned Harrow Strategic Development Partnership (HSDP). The partnership is the largest investment and development opportunity Harrow has seen and will create an inviting, attractive and thriving Wealdstone high street that generates apprenticeships, training, and wealth in the borough. It will transform the landscape of Wealdstone, building 1,500 new homes, including a significant number of affordable homes, a new civic centre, shops, offices, and a school, as well as public and green spaces.
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