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December 8, 2009

Government Support Sought for London Port Project

A port development in England has been thrown into doubt following the Dubai financial crisis and warnings from the local council that it will only be viable with government intervention. Thurrock Council has asked the government to back its bid for accelerated development zone status

By cms admin

A port development in England has been thrown into doubt following the Dubai financial crisis and warnings from the local council that it will only be viable with government intervention.

Thurrock Council has asked the government to back its bid for accelerated development zone status for the London Gateway port to help make up the £400m funding shortfall.

In March, developer DP World, the port arm of troubled development company Dubai World, said that it had become difficult to finance the project before putting the scheme under review.

Last month, the European Investment Bank agreed a £300m loan to help start the development.

Despite the loan, the port project is still under review, with the developer continuing to explore a variety of different funding options, a DP World spokesman said.

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