At the signing ceremony, EIB vice-president Magdalena Álvarez Arza said: “This project will give a major economic boost to the Cadiz bay area by stimulating goods traffic and creating jobs. It will also contribute to the bay’s environmental sustainability and promote the efficient use of resources. With this project the EIB is helping to foster quality economic growth that is environmentally responsible, sustainable and inclusive, in line with the EU’s priorities and Cadiz bay’s needs”.
Cadiz Bay Port Authority (APBC) chairman Rafael Barra added that the loan represents more than just financial backing for the project, stressing that EIB’s due diligence ensured the terminal’s economic viability and future profitability. He said that the construction of the new container terminal constituted the culmination of a development plan launched in 2000, which was based on the specialisation of docks and reorganisation of traffic. “This project, which will come to fruition thanks to the support of the EIB and EU funds, represents a turning point for the port of Cadiz,” he said.
The loan will help to finance the first phase of construction of the new container terminal at the port of Cadiz, including an internal access road. The project involves the construction of about 590m of quays to a depth of 16m, the reclamation of about 22ha of new terminal area, and the dredging of the access channel to widen the turning basin. It also includes the construction of 1.3km of two-lane internal access road, including around 0.9km in a tunnel.
The new terminal will replace the existing container terminal and will serve to separate passenger and container traffic, increase capacity and improve accessibility by land and sea. The project will also help to boost competitiveness and employment in the area. It is expected to begin in late 2011 and is scheduled for completion in 2015.
The project will also be financed by the European Regional Development Fund. The total EU contribution, including the EIB loan, will cover around 87% of the total project cost.