European Investment Bank considering financing Crossrail
The EIB - big but not clever | 11.01.2009 12:21
The EIB, not having learnt from its involvement in the London Underground PPP, is now considering financing the Crossrail project. The following info comes from the EIB's website, www.eib.org
London Crossrail (TEN)
Date of entry: 08/01/2009.
Beneficiary: Transport for London.
Location: United Kingdom
Description: Construction of a 60 km East-West urban railway connecting Central London with some of its main outskirts and with TEN-T nodes of Heathrow Airport and high-speed railway stations of Paddington and Stratford.
Objectives: Crossrail, a key element of the development plan for London and the Government’s Transport Plan, will help support and maintain the status of London as a World City by improving its accessibility with public transport, meeting the requirements of business and tourism expansion.
Sector(s): Transports
Proposed EIB finance: Up to GBP 1 billion.
Total cost: Up to GBP 16 billion.
Environmental aspects: Given that urban railway projects fall under Annex II of Directive 85/337/EC and subsequent revisions, competent authorities decide on the requirement of an EIA. In the proposed project, a full EIA has been carried out with details to be examined during appraisal (
http://billdocuments.crossrail.co.uk/).
The question of the project being part of a plan or a programme requiring a Strategic Environmental Assessment (SEA) in line with the EU Directive 2001/42/EC will equally be examined during project appraisal.
The competent authority will be required to confirm also that the Project complies with the requirements of EU nature conservation policy, according to the EU Birds Directive (79/409/EEC) and Habitat Directives (92/43/EEC) and Natura 2000.
Procurement: TfL is an organisation that is subject to EU public procurement directives (2004/17/EC and 2004/18/EC). The Bank will require the promoter to ensure that all contracts to be funded by the Bank will be published and let in accordance with EU regulations.
Status:Under appraisal - 19/12/2008.
London Crossrail (TEN)
Date of entry: 08/01/2009.
Beneficiary: Transport for London.
Location: United Kingdom
Description: Construction of a 60 km East-West urban railway connecting Central London with some of its main outskirts and with TEN-T nodes of Heathrow Airport and high-speed railway stations of Paddington and Stratford.
Objectives: Crossrail, a key element of the development plan for London and the Government’s Transport Plan, will help support and maintain the status of London as a World City by improving its accessibility with public transport, meeting the requirements of business and tourism expansion.
Sector(s): Transports
Proposed EIB finance: Up to GBP 1 billion.
Total cost: Up to GBP 16 billion.
Environmental aspects: Given that urban railway projects fall under Annex II of Directive 85/337/EC and subsequent revisions, competent authorities decide on the requirement of an EIA. In the proposed project, a full EIA has been carried out with details to be examined during appraisal (
http://billdocuments.crossrail.co.uk/). The question of the project being part of a plan or a programme requiring a Strategic Environmental Assessment (SEA) in line with the EU Directive 2001/42/EC will equally be examined during project appraisal.
The competent authority will be required to confirm also that the Project complies with the requirements of EU nature conservation policy, according to the EU Birds Directive (79/409/EEC) and Habitat Directives (92/43/EEC) and Natura 2000.
Procurement: TfL is an organisation that is subject to EU public procurement directives (2004/17/EC and 2004/18/EC). The Bank will require the promoter to ensure that all contracts to be funded by the Bank will be published and let in accordance with EU regulations.
Status:Under appraisal - 19/12/2008.
The EIB - big but not clever