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European Investment Bank provides £110M loan for Nottingham Tram

The European Investment Bank has agreed a £110M loan for two new lines of the Nottingham tram network, which will supplement the £371M pledged by the Department for Transport last week towards the expected £570M total cost of the scheme.

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.

“Extension of the Nottingham tram network will transform public transport links across the city, reduce congestion and support economic growth and regeneration,” said European Investment Bank vice president responsible for the UK Simon Brooks. “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.

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