<P> The tunnel is a build - own - operate - transfer (BOOT) project with a concession . TML would design and build the tunnel, but financing was through a separate legal entity, Eurotunnel . Eurotunnel absorbed CTG / F-M and signed a construction contract with TML, but the British and French governments controlled final engineering and safety decisions, now in the hands of the Channel Tunnel Safety Authority . The British and French governments gave Eurotunnel a 55 - year operating concession (from 1987; extended by 10 years to 65 years in 1993) to repay loans and pay dividends . A Railway Usage Agreement was signed between Eurotunnel, British Rail and SNCF guaranteeing future revenue in exchange for the railways obtaining half of the tunnel's capacity . </P> <P> Private funding for such a complex infrastructure project was of unprecedented scale . An initial equity of £ 45 million was raised by CTG / F-M, increased by £ 206 million private institutional placement, £ 770 million was raised in a public share offer that included press and television advertisements, a syndicated bank loan and letter of credit arranged £ 5 billion . Privately financed, the total investment costs at 1985 prices were £ 2.6 billion . At the 1994 completion actual costs were, in 1985 prices, £ 4.65 billion: an 80% cost overrun . The cost overrun was partly due to enhanced safety, security, and environmental demands . Financing costs were 140% higher than forecast . </P> <P> Working from both the English side and the French side of the Channel, eleven tunnel boring machines or TBMs cut through chalk marl to construct two rail tunnels and a service tunnel . The vehicle shuttle terminals are at Cheriton (part of Folkestone) and Coquelles, and are connected to the English M20 and French A16 motorways respectively . </P> <P> Tunnelling commenced in 1988, and the tunnel began operating in 1994 . In 1985 prices, the total construction cost was £ 4.65 billion (equivalent to £ 13 billion in 2015), an 80% cost overrun . At the peak of construction 15,000 people were employed with daily expenditure over £ 3 million . Ten workers, eight of them British, were killed during construction between 1987 and 1993, most in the first few months of boring . </P>

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