EIB supports Olympics’ accommodation

by Richard Kilner

Story link: EIB supports Olympics’ accommodation

The European Investment Bank (EIB) has agreed a £95m loan to Triathlon Homes LLP to create accommodation for the athletes participating in the Olympic Games in London in 2012.

Once the Games have finished the accommodation will be converted to social housing as part of the Government’s scheme to provide a lasting legacy from the Olympics.

The Olympic Village itself is intended to regenerate part of East London, one of the capital city’s most deprived areas.

EIB VP for UK lending activity Simon Brooks has expressed the investment bank’s support for the high environmental standards in the design of the Olympic Village.

Over 1,300 dual-purpose flats will be created by Triathlon, in addition to surrounding infrastructure.

The capital spending on the Olympics has become a contentious political issue of late, as the Conservative and Labour parties face a challenging situation regarding the public finances.

In Prime Minister’s Questions the Leader of the Opposition, David Cameron, pressed Prime Minister Gordon Brown over capital spending following a previous week’s inaccurate answer, stating capital spending would rise up to 2012 rather than fall.