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Thu January 23 2020

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Banks get behind Dover docks scheme

27 Jan 17 A consortium of British and European banks has agreed a £200m package of loans to support the Port of Dover’s capital building programme.

The Dover Western Docks Revival plan
The Dover Western Docks Revival plan

The Dover Western Docks Revival project will create a purpose-built cargo and logistics facility.

Allianz Global Investors has agreed to provide a £55m private placement bond; RBS and Lloyds Bank have each provided a £35m revolving credit facility; and the European Investment Bank has confirmed a £75m loan.

Port of Dover chief executive Tim Waggott said: “Dover Western Docks Revival is the single biggest investment ever undertaken by the Port of Dover. It will define how we operate for decades to come. Currently handling 17% of all the UK’s trade in goods, it is crucial the Port continues to evolve to meet the demands of an ever-changing political and trading landscape.

“The financial support supplied by blue chip lenders underlines the critical role Dover fulfils for UK and European economies, businesses and consumers –. A prominent role which will remain into the future post Brexit.”

Earlier this month VSBW, a joint venture of VolkerStevin and Boskalis Westminster, was confirmed as main contractor for the £115m marine civil engineering stage of the development.

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