THE Crossrail project has been given a major financial boost thanks to a £1bn loan.
Funds for the new rail route will come from the European Investment Bank (EIB).
The south east spur of the £16bn development will run to Abbey Wood and, following a News Shopper campaign in 2007, will also include a station at Woolwich.
Mayor of London Boris Johnson said: “Our good friends at the EIB have provided us with a billion more reasons to proceed with the unstoppable force that is Crossrail.
“It is one of the largest loans ever secured for a transport project.”
When it is finished, the Crossrail route will run from Maidenhead and Heathrow in the west across the capital to Abbey Wood.
Construction work is due to begin in 2010 and the first trains are expected to start running in 2017.
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