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Dec. 4 (Bloomberg) — The U.K. government reached an agreement worth 350 million pounds ($509 million) with the City of London financial district and businesses that underpins funding for the proposed Crossrail train line.

Authorities in the City agreed to contribute 200 million pounds to the project, while businesses in the district will contribute 150 million pounds, the Department for Transport said in an e-mailed statement today.

Crossrail is a 16 billion-pound, 118-kilometer (73-mile) line planned to connect Heathrow Airport in the west with the city’s West End and Canary Wharf districts. It is designed to ease crowding on the London Underground rail network when it opens in 2017. Prime Minister Gordon Brown’s government has dismissed suggestions by opposition politicians that the work may be delayed as the U.K. economy weakens.

“This is a landmark moment in the delivery of Crossrail, and once again signals the commitment of businesses to this vital project,” Transport Minister Andrew Adonis said in the statement.

Crossrail is to be funded equally by government cash, contributions from businesses and future fares.

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