The European Investment Bank has agreed to provide €150m to support construction of a new connection between the Red and Green lines on Dublin's light rail tram system, LUAS.

The new engagement by the EU's long-term lending institution will support construction of a new 5.6km link, 13 additional stations, a new depot and acquisition of 10 new trams.

The latest support for transport infrastructure in Ireland was formally agreed in Dublin by Minister for Transport, Tourism & Sport, Leo Varadkar, and Jonathan Taylor, European Investment Bank Vice President for Ireland. The signature was witnessed by Minister for Public Expenditure & Reform, Brendan Howlin, Minister of State for Commuter & Public Transport, Alan Kelly and Werner Hoyer, President of the European Investment Bank.

Minister Howlin said: "The EIB has long been an investor in Ireland's PPP programme and, in more recent times, has also provided funding for our traditional Exchequer-funded capital programme. Over the last two years the Bank has supported both our Exchequer Schools Programme and the Water Services Investment Programme.

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"The loan funding agreed today for the LUAS Cross City project demonstrates yet again the EIB's commitment to supporting investment in Irish infrastructure. We look forward to continued positive engagement with the EIB into the future."

Minister Kelly added: "Luas Cross City will transform the public transport landscape for Dublin. The securing of funding from the European Investment Bank clearly demonstrates the value of engaging with European Institutions and now we have a better source of finance to assist us on what is a vital and necessary public transport project and will create a proper network of light-rail in Dublin.

"It will make all kinds of new public transport journeys possible, such as connecting Sandyford, Dundrum and Ranelagh with Grangegorman and commuter rail stations in Kildare. It is a very exciting project."

With a total project budget of €368m, the new LUAS link will connect the existing Green Line terminus at St Stephen's Green to Broombridge Station and provide tram services roughly every three minutes during the peak period. A total of 13 new stations, with 53m long platforms to allow for possible use of longer trams on the line in the future, will be built on the new connection. Trams currently in use on the line, as well as the 10 new trams to be added, will provide services on the link.

Construction of the new link is underway and the first tram services on the new line will start at the end of 2017.

(CD/JP)