The European Investment Bank (EIB) has agreed to provide a £700M loan for the £4.2bn Thames Tideway Tunnel in London.
The project, dubbed the ‘super sewer’, will help tackle overflows of untreated sewage into the river through the centre of the British capital.
The 35-year long-term loan has been agreed with Tideway, the new regulated company established to design, build, commission and maintain the 25km 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.
EIB’s vice president Jonathan Taylor said: “The new GBP700M loan for Tideway represents the European Investment Bank’s largest-ever water loan and the most significant support for UK infrastructure since Crossrail.
“This demonstrates the EIB’s strong commitment as the largest source of financing for long-term investment in UK water infrastructure since before privatisation and builds on more than £2bn of support for investment to improve London’s water and waste water infrastructure since 1989.
“We are pleased to support the construction of the Thames Tideway Tunnel, a world-class engineering scheme, delivering infrastructure vital to clean up the Thames.”
* Data provided by Timetric's Construction Intelligence Center.