Channel Tunnel Timeline

  • Intiation of Project

    Initiation of the project by the British and French governments.
  • Prosposal

    Proposal of a rail tunnel system is chosen by the governments
  • Treaty Signed

    Franco-British Channel Tunnel Treaty is signed
  • Concession Agreement

    Signing of the Concession Agreement by the French and British
    governments, Channel Tunnel Group Ltd. and France Manche S.A.: BOOT-Project,6 concession period until July 2042.
  • Eurotunnel group is founded

    Eurotunnel group is founded
    Construction Contract is signed (commissioning date scheduled for May
  • Railway Usage Agreed

    Ratification of the Treaty; Railway Usage Contract signed with British Rail and SNCF7
  • Credit Agreement

    Credit Agreement: £5 billion; over 200 participating banks
    IPO: £770 million
  • Tunnelling started

    Start of tunnelling
  • First Violation

    First violation of covenants of the Credit Agreement
  • Additional Finances Requested

    Additional £1.8 billion bank loan, £300 million European Investment
    Bank (EIB) facility
  • Concession Period Extended

    Breakthrough in the service tunnel
    In exchange for waiving Eurotunnel’s claims against the governments
    the concession period is extended to July 2052
  • Additional Loan Supplied

    Additional loan facility of £200 million by European Coal and Steel
    Community (ECSC)
  • Tunnel Completed

    Completion of the tunnel, fitting out, testing