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.

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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.

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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.

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"The financial support supplied by blue chip lenders underlines the critical role Dover fulfils for UK and European economies, businesses and consumers."

“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.