EIB agrees £500m Metrolink loan
THE European Investment Bank has agreed to provide a £500m loan to facilitate the expansion of Greater Manchester’s Metrolink network.
The loan provided is a long term funding deal, repayable over 30 years, and is being used by Greater Manchester’s Combined Authority to find construction of the curent third phase of the network’s expansion, which is bringing the light rail network out to Ashton-under-Lyne, Rochdale, Oldham, Wythenshawe and Manchester Airport.
The money is being used to finance new trams and infrastucture and represents around a thid of the overall investment cost.
Simon Brooks, the bank’s vice-president responsible for the UK, said: “Extension of Greater Manchester’s Metrolink network will transform tram links across the conurbation.
“The European Investment Bank is committed to supporting sustainable transport and successful completion of the project will improve the lives of Greater Manchester’s residents for years to come.”
Cllr Andrew Andrew Fender, chair of Transport for Greater Manchester,said: “The Metrolink expansion is the single largest investment in public transport in the UK, outside of London.
“It will deliver a legacy for Greater Manchester that will regenerate and transform key district centres and provide new connections to the labour market for businesses. As such, it will play a vital role in keeping the region’s economy growing now and long into the future.”
Metrolink’s Phase 3 is due to complete in 2016.
