The European Investment Bank has agreed to provide £60 million for the purchase of new trains that will improve passenger services in the East of England on key London, intercity, airport and local services.
The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes. The EIB loan is guaranteed by the European Fund for Strategic Investments (EFSI) under the Investment Plan for Europe, and this is the first EFSI transport loan in the United Kingdom.
The 28 year European Investment Bank loan will finance purchase of new rolling stock by Rock Rail East Anglia PLC for use by Abellio East Anglia Limited, a wholly owned subsidiary of Dutch national rail company Nederlandse Spoorwegen.
Cllr Kevin Bentley, Chairman of the East of England Europe and International Panel said: “We are delighted at the announcement of this significant funding for new trains in East Anglia. The Europe and International Panel has consistently called for investment in our rail services. This is vital to provide the significantly enhanced and improved rail service Essex passengers deserve and upon which the regional economy depends.
Backing from the European Investment Bank is an important contributor to the significant investment necessary for the complete replacement of the train fleet to improve the journey experience for all rail passengers.”
European Commission Vice-President
Jyrki Katainen said,
"The Investment Plan for Europe continues to make a real difference to our daily lives. Thanks to this fresh financing from the EIB, rail passenger services in East Anglia improve, making the commuter's experience more comfortable. I am proud that we can support the upgrading of transport infrastructure in this way."
Lending by the EIB in the UK last year totalled £5.6 billion and represented the largest annual engagement since the start of EIB lending in the UK in 1973. This supported nearly £16 billion of overall investment in 40 projects across the UK, which schools, university campuses, hospitals, upgraded energy links, renewable energy projects and water infrastructure.
You can read more about EIB investments (as well as EU grant funding) in the East of England on the
Showcase section of our website.
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