Port of Cork is set to gain €30m from the European Investment Bank (EIB) to development the country's biggest natural harbour.
Port of Cork is set to gain €30m from the European Investment Bank (EIB) to development the country's biggest natural harbour. The project, with the Port of Cork as borrower, is currently going through an appraisal process with funding expected to be formally signed off later this year.
It will support an expansion of the Port of Cork's deep-water port in Ringaskiddy, which is expected to cost €88m in total. "The EIB expects to support the project later this year and this follows a €100m loan to the Port of Dublin agreed last December," a spokesman for the European Union's bank said. Details outlined in the appraisal documents state that: "The project will expand the capacity of the deep-water port at Ringaskiddy enabling the Port of Cork to relocate operations from the Upper Harbour, where the depth of the water channel and width of the river are significant constraints to the size and number of vessels that can access port facilities."
The EIB can lend to any borrower if the project involved meets its criteria of promoting growth. The bank typically co-invests alongside a joint venture partner on a 50:50 basis. Traditionally, it has been most associated with funding infrastructure and ramped up investments in Ireland in the wake of the financial crisis.
In May 2015, An Board Pleanála granted planning permission to the Port of Cork for the redevelopment of existing port facilities at Ringaskiddy. This redevelopment is necessary to allow the handling of larger vessels and to adapt to the changing nature of port activities, including the trend towards port-centred logistics. Four key areas for development were submitted in the planning application to An Board Pleanála. Three areas are now being progressed by the Port of Cork. These include a new container terminal with a total 500m berth at Ringaskiddy East, internal road improvements and improvements to the external road entrance into the existing Deepwater Berth and the construction of a new amenity area, including a new public pier and slipway at Paddy’s Point.
Source: The Irish Independent