The European Investment Bank (EIB) has agreed to finance £235m for the deployment of 65 new Hitachi Super Express Trains to be operated on the East Coast Main Line (ECML) between London and Scotland, as part of a consortium of international banks.

The fleet of 65 new trains is set to be rolled-out across the ECML from 2018 in a £2.7bn deal, replacing the existing Intercity 125 and 225 trains in use on the line.

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Part of the Department for Transport’s Intercity Express Programme, the deal will see the new trains manufactured by Hitachi Rail Europe at a new purpose-built factory in Newton Aycliffe, County Durham, north England.

European Investment Bank vice-president Jonathan Taylor said replacing existing Intercity trains on the East Coast Main Line will benefit passengers, increase capacity on the route and significantly cut journey times on one of Britain’s busiest intercity routes.

"The European Investment Bank is committed to supporting long-term investment in transport infrastructure across the UK and we are pleased to provide a loan of nearly 30 years for investment in new trains to run between London and Scotland."

"The European Investment Bank is committed to supporting long-term investment in transport infrastructure across the UK and we are pleased to provide a loan of nearly 30 years for investment in new trains to run between London and Scotland," Taylor said.

The ECML order covers 497 new trains due to enter service between September 2018 and February 2020, to be maintained at a new depot at Doncaster over the course of the 27.5-year contract.

Included in the new fleet will be both bi-mode trains, electric trains, which are equipped with additional under-floor diesel generators to provide momentum where lines are not electrified.

The deal is also financed by Japan Bank for International Cooperation (JBIC), Bank of Tokyo Mitsubishi UFJ (BTMU), Development Bank of Japan (DBJ), HSBC, Lloyds, Mitsubishi Trust, Mizuho, Sumitomo Mitsui Banking Corporation (SMBC), Société Générale and Crédit Agricole.

In 2013, the European Investment Bank provided £4.85bn for investment in the UK across priority policy areas such as transport, housing, water and waste, representing an increase of 59% compared with 2012.

Over the last five years the European Investment Bank has provided more than £4bn for transport investment across the UK, supporting the Great Western Main Line within the Intercity Express Programme, Thameslink and Eurostar trains, the new London Overground and Crossrail links, Manchester Metrolink and new Liverpool and London Gateway ports.