The European Investment Bank (EIB) has agreed to provide a £480m loan for the Northern Line extension to Battersea, London, UK.
This financial support represents around 50% of the overall cost of the new London Underground link that will result in the construction of tens of thousands of new homes, offices and support 24,000 jobs.
European Investment Bank vice-president Jonathan Taylor said: "It will both improve connections to Battersea and unlock regeneration in Wandsworth, Lambeth and Southwark. This will also be supported by innovative contributions from developers.
"The new engagement builds on recent EIB backing for significant investment in Crossrail, London Overground and the DLR."
Construction of the line is expected to begin in the coming months and companies across the country will be involved in the process, EIB stated.
Once operational in 2020, the new line will cut journey times from Battersea to the West End and the city to 15min.
The EIB provided more than £4.5bn for transport projects across the UK during the last five years.
Recently, EIB offered financial support for the widening the M25, London Gateway Port, the construction of Crossrail and London Overground, as well as new trains for Crossrail, London Overground and Thameslink.
In December, EIB provided €184m to Hungary for the rehabilitation and reconstruction of priority facilities in the country’s railway sector. This funding will co-finance projects with a total cost of €1.2bn.
Image: The extension of the Northern Line to Battersea will support the construction of tens of thousands of new homes, offices and support 24,000 jobs. Photo: courtesy of Transport for London Rights Free.