European bankers to provide £200m loan for Port of Dover’s docks revival project

29 January 2017 (Last Updated January 29th, 2017 18:30)

A consortium of banks from the UK and Europe have agreed to provide a £200m loan to support the Dover Western Docks Revival project.

European bankers to provide £200m loan for Port of Dover’s docks revival project

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.

"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.