London Port Project Gets Cash Boost

5 November 2009 (Last Updated November 5th, 2009 18:30)

The European Investment Bank is expected to grant a £300m loan for the proposed London Gateway Port project. The £1.5bn project includes the first phase development of a deep-water port for super-post-Panamax container vessels, facilitating three berths through 1,255m of quay developmen

The European Investment Bank is expected to grant a £300m loan for the proposed London Gateway Port project.

The £1.5bn project includes the first phase development of a deep-water port for super-post-Panamax container vessels, facilitating three berths through 1,255m of quay development.

The project is expected to improve the intermodal efficiency of freight distribution to increase the share of rail and short-sea coastal shipping while also reducing land transport costs.

The East of England Regional Assembly and East of England Development Agency recently announced a £12.7m grant for the deepening of the Thames estuary to allow access for bigger containers.

The funding came from Trans-European Transport Network, set up to establish a multi-modal European transport infrastructure.