Following a roughly $770 million cost hike and a recently announced nine month extension for completion of London’s Crossrail project, the U.K. government has agreed to lend the Greater London Authority another $450 million for this financial year, raising the total cost to $20.2 billion. The government and Transport for London, the city’s transit authority, have launched reviews into the project’s governance and finances.
“The funding will go towards Crossrail Ltd. completing the final fit out of the tunnels, work on stations and the extensive safety and reliability testing needed for the new systems,” says London's Transport Commissioner, Mike Brown. Following the project’s two reviews, to be done by the financial consultant KPMG, “ a full financing agreement will be developed by the government and mayor of London,” he adds.