EIB grants €100m long-term debt finance to Dublin Port
The European Investment Bank (EIB) has granted €100m of long-term debt finance to support Dublin Port's Alexandra Basin Redevelopment (ABR) Project.
Under terms of the agreement, EIB will provide the loan to finance the €230m ABR Project, which has a grant of planning permission from An Bord Pleanála. The loan is to be paid back over 20 years.
The five-year project will deepen and lengthen 3km of the port's 7km of berths and provide an entrance channel with a depth of at least 10m.
Dublin Port is one of 83 core ports on the EU's TEN-T network and the ABR project is the first major project from the port's masterplan 2012 to 2040.
Dublin Port Company CEO Eamonn O'Reilly said: "Dublin Port welcomes today's visit by the Vice President of the European Investment Bank as we finalise arrangements for €100m financing for the Alexandra Basin Redevelopment Project.
"This is the next step to commencing work on the project, having already secured permission from An Bord Pleanála.
"Against a background of strongly growing trade, the availability of long term and well-priced finance is essential to allow us to invest in the port capacity needed in the future.
"We do not have spare capacity in the port and it is essential that we stay ahead of the growth with essential investment in port infrastructure.
"The long-term support of the EIB is just what we need."
In October 2014, the EU agreed to fund €2.4m of Dublin Port Company's costs of bringing the ABR project through to the point of being ready for construction.
Later in June this year, the European Commission announced a further funding of €22.8m for the construction phase of development.
An analysis by Indecon International Economic Consultants revealed that every €1m in economic costs for the development of the ABR project will bring about €2.80m in fiscal benefits.
The port handled 24 million tonnes of cargo, an increase of 5.8% when compared to 23m tonnes handled during the same period in 2014.
Additionally, the imports rose 6.0% to 14.4m tonnes, while exports ascended by 5.5% to reach 9.9 million tonnes in the domestic economy.
Image: Dublin Port's Alexandra Basin. Photo: courtesy of Georg Wedekind.