A consortium of banks from the UK and Europe have agreed to provide a £200m loan to support the Dover Western Docks Revival project.
Consortium member Allianz Global Investors will offer a £55m private placement bond as part of the commitment, while RBS and Lloyds Bank have agreed to provide £35m each in revolving credit facility.
A further £75m loan will also be supplied by the European Investment Bank.
Dover Western Docks Revival will use the funds to construct a purpose-built cargo and logistics facility at the port, which currently handles up to £119bn of UK trade annually.
A dedicated ferry terminal in the Eastern Docks and a transformed waterfront for Dover will be also created.
Port of Dover chief executive Tim Waggott said: “Dover Western Docks Revival is the single biggest investment ever undertaken by the Port of Dover; 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.”
VolkerStevin and Boskalis Westminster have been selected as the main contractor for the Dover Western Docks Revival project.
Image: Rendering of Dover Western Docks Revival project at Port of Dover, UK. Photo: courtesy of Port of Dover.