Transport for LondonCrossrail progress
The news is the latest milestone for the project which began construction in May this year.
The scale of the European Investment Bank (EIB) loan to Transport for London demonstrates Crossrail's importance to London's future.
The new railway will boost the capital's rail transport capacity by 10 per cent when it opens in 2017.
Mayor of London Boris Johnson said: 'Our good friends at the EIB have provided us with a billion more reasons to proceed with the unstoppable force that is Crossrail.
'It is one of the largest loans ever secured for a transport project and I am especially pleased to have this backing for our drive to provide London with the facilities required to keep the capital one of the world's leading cities.'
Running from Shenfield and Abbey Wood in the east to Heathrow and Maidenhead in the west, Crossrail will connect into the key business districts of the West End, City and Docklands and will relieve congestion on the Tube, rail and road networks.
