Business Irish

Sunday 17 December 2017

Cork to get €30m for big port expansion

Port funding later this year. Photographer: Aidan Crawley/Bloomberg
Port funding later this year. Photographer: Aidan Crawley/Bloomberg

Colm Kelpie and Donal O'Donovan

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.

Irish Independent

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