The European Investment Bank has agreed to provide a GBP 700 million loan for the £4.2 billion Thames Tideway Tunnel.
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This is the biggest infrastructure project ever undertaken by the UK water industry.
Often dubbed the super sewer, the project is urgently needed to help tackle overflows of untreated sewage into the river through the centre of the British capital.
The European Investment Bank is the world’s largest lender for water-related investment and the backing for the Thames Tideway Tunnel represents the largest-ever loan for water investment worldwide.
The 35-year long-term loan from Europe’s long-term lending institution has been agreed with Tideway, the new regulated company set up to design, build, commission and maintain the 25 km tunnel, which will directly control or intercept discharges from more than 30 combined sewer overflow points, stretching from Acton in the west to Stratford in the east.
The European Investment Bank is the world’s largest international public bank and is 16% owned by the UK government.
The European Investment Bank has provided more than GBP 12.6 billion for investment in water and waste water infrastructure across the UK including expanding reservoirs, reducing leaks and protecting against flooding.
Lending by the EIB in the UK last year totalled GBP 5.6 billion and supported long-term investment in 40 projects across the country. This represented the largest annual engagement since the start of EIB lending in the UK in 1973, which has supported nearly GBP 16 billion of overall investment.
In the last 10 years the European Investment Bank has provided nearly GBP 8 billion for direct investment in London, with additional investment from UK wide programmes. ■
A low pressure wave forming along a cold front will track across the New England coast this morning, bringing a period of rain, heavy at times for much of New England, especially for Maine today.