The European Investment Bank (EIB) has granted €165m to support the construction of a new sea lock at IJmuiden, the principal access to the Port of Amsterdam, the Netherlands.

The second at the Port of Amsterdam, this 500m-long, 70m-wide and 18m-deep sea lock will allow the next generation of bulk carriers, container ships and cruise ships to access the Port of Amsterdam and the North Sea Canal.

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Additionally, the sea lock at IJmuiden will operate in all tides and is expected to reduce waiting time for ships.

“90% of Europe’s international trade passes through ports and upgrading the IJmuiden sea lock complex is crucial to ensuring the Port of Amsterdam’s leading role.”

The new lock will eventually replace the existing Noordersluis lock that was constructed in 1929.

The project will have 33% of the debt financing provided by EIB and a number of banks including Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, UniCredit Bank, DZ Bank, KfW IPEX-Bank and Rabobank under a public private partnership project of the Dutch Ministry of Infrastructure and Environment.

European Investment Bank vice-president Pim van Ballekom said: “90% of Europe’s international trade passes through ports and upgrading the IJmuiden sea lock complex is crucial to ensuring the Port of Amsterdam’s leading role.

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“Amsterdam has more distribution centres than any other region in Europe and the port supports companies dependent on logistics across the Netherlands and northern Europe.

“The European Investment Bank is pleased to support the upgrade of the strategically important IJmuiden locks alongside an impressive consortium of sponsors and project finance banks.”

Work on the project will commence in early 2016 with the new lock ready for operations at the end of 2019.