The Port of New Orleans has been awarded a further $226m for its Louisiana International Terminal project (LIT).
The funds are to be invested by the US Department of Transportation, via the Infrastructure for Rebuilding America grant programme, one of the key pieces of legislation designed to renew US infrastructure introduced by the Biden administration.
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It is the second tranche of funding to be promised to the NOLA project, which has now attracted $300m in federal grant funding.
The Port said $73.77m from the DOT’s MEGA Grant programme would go towards the first construction phase of the $1.8bn terminal.
The project has also attracted state funds, contributed by Louisiana’s state legislature in Baton Rouge. At least $30m of state funds was used for the early development stage of the LIT.
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It is estimated the project will bring 32,000 jobs to the US – with 18,000 in Louisiana itself, and contribute $50bn to state and federal tax coffers by 2050.
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By GlobalDataUS Congressman Troy Carter said the funds would help “transform” the area.
“This grant funding is a historic step towards transforming the economic landscape of Louisiana and solidifying our position as the premier international Gulf gateway. This additional investment will leverage Port NOLA’s extensive connectivity to interstate systems, railroads, waterways, and hubs,” he said.
Private finance is the largest contributor to the new port terminal, however.
An $800m public-private partnership has been agreed between the port owners, marine terminal operator Ports America, and Switzerland-based shipping firm MSC.
Construction is planned to begin next year, with the first ships planned to dock in 2028.
“The new state-of-the-art container terminal, which will be located in Violet, Louisiana, will leverage Port NOLA’s connectivity via four critical interstate systems, six Class I railroads, 14,500 miles of inland waterways and 30+ inland hubs to dramatically increase Louisiana’s import and export capacity,” Port of New Orleans added.
