The European Investment Bank has agreed to provide £110 million for two new lines of the Nottingham tram network.
The long-term funding over 19 years will be used by Nottingham City Council to expand the city’s light rail system with two new lines to the south and south west.
Simon Brooks, European Investment Bank Vice President responsible for the United Kingdom, said:
“Extension of the Nottingham tram network will transform public transport links across the city, reduce congestion and support economic growth and regeneration.
“The European Investment Bank recognises the contribution of sustainable transport to improve the lives of people in Nottingham and local economic opportunities over the coming years.”
Councillor Jane Urquhart, Portfolio Holder for Planning and Transportation at Nottingham City Council, the promoter of NET Phase Two, said:
“The NET Phase Two project would not be possible without significant investment from the likes of the EIB.
“The EIB’s investment is in recognition of the fact that NET Phase Two will bring significant economic benefits to the region.
“It speaks volumes about the importance of such projects in kick starting economic growth, creating jobs and providing a catalyst for recovery.”
The two new tram lines funded by the European Investment Bank will have services every seven minutes between 7am and 7pm and include 28 stops along a 17.5km of track.
The project also includes 22 new low-floor trams for the line to link park and ride sites next to the M1 at Clifton and Toton Lane with the city centre.
The two new lines will link Chilwell, the Queen’s Medical Centre and Beeston, and Cilfton via Wilford.
The initiative is part of the European Investment Bank’s engagement to support sustainable public transport in leading European cities and reduce reliance on private car use.
European Investment Bank financial support for Nottingham Express Transit extension will lower the overall cost for both passengers and taxpayers through cheaper funding costs, fixed interest rates and diversification of funding.
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