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European Investment Bank to back London's 'super sewer' with 700 million pound loan

Published 17/05/2016, 08:48
© Reuters. A man with an umbrella walks along the banks of the River Thames in central London

LONDON (Reuters) - The European Investment Bank (EIB) has agreed to provide a 700 million pounds ($1.02 billion) loan to back construction of the Thames Tideway Tunnel, Britain's largest-ever loan for water-related investments.

London's so-called "super-sewer" is a 7.2 metre (23.6 foot)-wide and 25-kilometre (15.5 mile) long tunnel, which will run up to 65 metres below the River Thames.

The 35-year long-term loan has been agreed with Tideway, the new regulated company set up to build and maintain the tunnel.

The project, worth 4.2 billion pounds, is aimed at reducing the tens of millions of tonnes of sewage that overflow into London's River Thames every year.

© Reuters. A man with an umbrella walks along the banks of the River Thames in central London

"The loan for Tideway represents the European Investment Bank's largest-ever water loan and the most significant support for UK infrastructure since Crossrail," said the EIB's Vice President Jonathan Taylor.

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