Another bailout comes to rescue of London's Crossrail project

London's Crossrail project has agreed on another bailout after its costs ballooned, with backers providing up to 1.7 billion pounds ($2.16 billion) to complete the line.

Problems with the 15-billion-pound flagship project emerged in August when its opening was put back by about nine months. It said on Monday the launch could be even later.

Transport For London said accountants KPMG had indicated the likely cost of the delay could be between 1.6 billion and 2 billion pounds, including 300 million pounds already contributed by the Department for Transport (DfT) and TfL in July.

The Mayor of London and the government had agreed on a financial package to cover the shortfall, TfL said.

(With inputs from agencies.)