BAA pledges funds to Crossrail project - Car Rental News
BAA pledges funds to Crossrail project
Car Rental News - 06/11/2008
The new rail link project, linking Heathrow and Canary Wharf, has gotten a £230m commitment from BAA.
Private sector financing promises have given the Crossrail project a boost this week, with the operator of Heathrow airport adding its commitment to the overall £15.9 billion project cost.
In return for its funding commitment, BAA has been promised by the Department for Transport (DfT) that Heathrow will see four trains each hour operating from the airport and Maidenhead to Abbey Wood and Canary Wharf.
Funding for the project will come from the major backers, the Department for Transportation and Transport for London, but the plan requires that private funding be available as well.
The DfT has not yet finalised other contributions from the private sector. In an agreement signed last year, the City of London Corporation, which is backed by private enterprise, committed £500 million to the project.
The transport minister, Lord Adonis, said that BAA’s commitment of funds is a "key staging post" in ensuring the project’s success. There has been speculation, however, that the worsening financial crisis might make private businesses more reluctant to contribute.
"We're absolutely confident that the project will proceed and that it can be financed in the way that was announced," the transport minister added.