March 2017 Port of the Month
A consortium of leading British and European lenders has agreed a £200m package of loans to support Port of Dover’s flagship capital building programme.
The Dover Western Docks Revival project will create a purpose-built cargo and logistics facility at the port, which currently handles up to £119bn of UK trade each year.
Allianz Global Investors has agreed to provide a £55m private placement bond; RBS and Lloyds Bank will each provide a £35m revolving credit facility; and the European Investment Bank has confirmed a £75m loan.
Port of Dover CEO Tim Waggott said: “Dover Western Docks Revival is our single biggest investment ever. It will define how we operate for decades to come.
“Currently handling 17 % of all the UK’s trade in goods, it is crucial the port continues to evolve to meet the demands of an ever-changing political and trading landscape.”
“The financial support supplied by blue chip lenders underlines the critical role Dover fulfils for UK and European economies, businesses and consumers. A prominent role which will remain into the future, post-Brexit.”
The port of Dover is a unique asset. Given its history and proximity to continental Europe, it is of vital importance to UK trade. In addition to bespoke cargo and logistics
facilities, Dover Western Docks Revival will also allow the port to create a dedicated ferry terminal in the Eastern Docks and a transformed waterfront for Dover