The European Investment Bank (EIB) has announced that it is backing the project with a €30m loan.
BAM Civil is contractor for the Cork Container Terminal, which will initially offer a 360m quay with 13m depth alongside and will enable larger ships to berth in Ringaskiddy. The development also includes the construction of a 13.5ha terminal and associated buildings as well as two ship-to-shore gantry cranes and container handling equipment.
EIB vice president Andrew McDowell said: “The redevelopment of Ringaskiddy will transform links between Ireland, Europe and the world, support exports by Irish business and create a world-class maritime logistics hub. The European Investment Bank is pleased to provide a €30 million 18-year long-term loan alongside financing from leading Irish institutions for this crucial investment for Cork and Ireland. EIB support reflects the economic benefits and urban redevelopment to be unlocked in the coming years and the importance of ensuring alternative transport routes given export growth and ongoing uncertainties related to Brexit.”
The requirement for the development of new container handling facilities at Ringaskiddy was identified in the Port of Cork’s Strategic Development plan in 2010. It will accommodate current and future container shipping serviced by modern cargo handling equipment with innovative terminal operating and vehicle booking systems.
The Port of Cork anticipates that Cork Container Terminal will become operational by 2020.