Writing for Liberal Democrat Voice, Caroline Pidgeon described the role of the EU's European Investment Bank in funding British public infrastructure projects:
I was first alerted to how significant its lending was when I read the papers going to the Transport for London (TfL) Board last September. I discovered TfL had entered into a new £1 billion corporate loan with the EIB to support investment in a number of projects, including station upgrades, track renewals and cycle superhighways.
The more I looked into the issue the more I realised how significant EIB lending was.
In London alone it has funded over the years numerous projects including £1.5 billion for Crossrail tunnels and trains, not to mention funding for the East London Line, London Overground, Thameslink and new Eurostar trains.
Its lending is not just limited to transport projects, for example last year the EIB provided £102 million to improve 38 schools across Croydon, helping to provide thousands of extra spaces. Last month it announced £700 million in lending for the Tideway Tunnel to help clean up the Thames.
And in April this year University College London agreed a £280 million loan with EIB to develop its Bloomsbury and UCL East campuses.
And while I am most aware of the EIB’s work involving London it must be stressed that its work benefits every corner of the UK.
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On the rare occasions that the EIB is debated in public I have noticed that Brexiters immediately talk about how its funding could be returned to the UK. Sadly such a comment shows a huge misunderstanding by them as to how the EIB actually operates. The reality is that the EIB funds its operations by borrowing on the capital markets rather than drawing on the EU budget.
Of course no one is suggesting that schools can’t be built, new social housing provided, universities expanded and transport systems improved without funding from the EIB, but it is crystal clear that the EIB’s lending provides an invaluable role. And by providing often the cheapest form of finance available in the world it can ensure the difference between a project being viable or not.