EIB approves $500m loan for London Gateway

The European Investment Bank has approved financing of up to £300 million (approximately US$500 million) for a port development project at London Gateway in the UK.

The London Gateway site is situated on the northern bank of the River Thames, some 25 miles east of central London, and the project aims to improve the intermodal efficiency of the UK national freight distribution through a phased development.

The first phase of development will feature a deep-water port for super-post-Panamax container vessels, providing three berths through 1,255 metres of quay development.

The £300 million loan, approved on November 17, will contribute to a total estimated project cost of £1.5 billion.

 
(Source: Port Finance International)