The UK Government has allocated an additional £825m for the final phase of the Crossrail project.
The Mayor of London, Transport for London (TfL), the Department for Transport (DfT) and HM Treasury have agreed to the financing package that will ensure the continuation of works.
The funding will be made available through to the Greater London Authority (GLA), which will repay the loan through London’s Business Rate Supplement and from the Mayoral Community Infrastructure Levy.
Also known as the Elizabeth Line, the Crossrail project involves delivering a high-capacity service across 100km from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east via central London.
The new funding is expected to help Crossrail, which has gone significantly over budget, to address the shortfall.
The central section of the project is scheduled to open in the first half of 2022 while trial runs are expected to commence next year.
Mayor of London Sadiq Khan said: “Securing this financing package enables us to press full steam ahead with getting the central section of the Elizabeth line open as soon as possible.”
Crossrail chief executive Mark Wild said: “Delivery of the Elizabeth line is now in its complex final stages. Good progress continues to be made with completing the remaining infrastructure works so that we begin intensive operational testing, known as Trial Running, at the earliest opportunity in 2021.
“Many of the stations are now nearing completion and we will shortly commence an enabling phase for Trial Running, which allows testing in the tunnels to be undertaken with an increased number of trains, further helping to build operational reliability. We are doing everything possible to deliver the Elizabeth line as safely and quickly as we can.”