UNITED Utilities has received a £500 million boost to support its growing investment across the north west.

The 18-year loan from European Investment Bank (EIB) will be used to finance improvements to the region's water and wastewater networks and comes as part of the firm's £3.5 billion capital investment programme up until 2020.

The company, which has its Lingley Mere offices in Great Sankey, currently serves around seven million domestic customers and 200,000 business customers.

Capital investment backed by Europe's long-term lending institution will also enable customers to 'manage their water use through meters better'.

The investment programme builds on the success of the previous five-years, supported by previous loans from EIB.

The first £250 million of the loan has been signed, with the second half expected to be signed as the investment programme 'progresses'.

Russ Houlden, chief financial officer at United Utilities, said: "We are delivering an investment programme of around £3.5 billion for the benefit of customers and the environment and to improve our ability to cope with climate change.

"We aim to do this at the lowest sustainable cost possible in order to keep bills down and this low cost funding from the EIB helps us to give our customers excellent value for the bills they pay."

EIB is the world's largest international public bank, with 16 per cent owned by the UK Government.

Vice president Jonathan Taylor said: "EIB has provided £2.25 billion over the last 12 years to support investment by United Utilities that benefits customers, the environment and the north west regional economy.

"We are pleased to continue this strong engagement with United Utilities which will ensure that water infrastructure can cope with the region's growing population and business sector, help customers to save money and ensure services are maintained during dry spells or heavy rain."