merrion street

Transport Minister Leo Varadkar today welcomed the decision by the board of directors of the European Investment Bank, Europe’s long-term lending institution, to agree in principle to provide significant financial backing to support construction of the LUAS Cross City link between the existing red and green LUAS lines, as well as acquisition of new trams and building new stations on the line.

Negotiation of the financing agreement will start in the coming days and is expected to be finalised early next year. The EIB board comprises representatives of the bank’s 28 EU member state shareholders and the European Commission.

Minister Varadkar said:

Approval of funding by the EIB for the LUAS Cross City is testimony to the project’s importance and we hope to be able to sign the relevant contracts early next year. This would provide funding for the project at a more competitive rate. LUAS Cross City is a crucial project for Dublin which will link up the existing LUAS lines and connect with the existing commuter rail network, giving Dublin a properly integrated rail network for the very first time.

All sorts of new journeys will suddenly be possible for the first time thanks to LUAS Cross City, which is also expected to add an estimated 10 million extra passengers to the LUAS network. This project shows that even in tough times, real progress can be made. Close cooperation with the EIB has already facilitated a number of earlier LUAS road projects in Ireland, and I’m delighted that it’s now involved in LUAS Cross City.