The Vice President of the European Investment Bank (EIB), Jonathan Taylor, and Dublin Port Company representatives discussed the finalization of financing arrangements for Dublin Port’s Alexandra Basin Redevelopment (ABR) Project yesterday.
The EIB has committed to providing a €100m loan amortizing over 20 years, reflecting the long-term nature of the ABR Project.
This scheme, the largest single infrastructure development project in the port’s history, envisages deepening and lengthening three kilometers of the port’s seven kilometers of berths.
It will also deepen the port to provide an entrance channel with a depth of at least 10m. It is expected to take five years to complete, costing an estimated €230 million.
Eamonn O’Reilly, Chief Executive, Dublin Port Company, said: “Dublin Port welcomes this visit by the Vice President of the European Investment Bank as we finalize arrangements for €100m financing for the Alexandra Basin Redevelopment Project. This is the next step to commencing work on the project, having already secured permission from An Bord Pleanála.”
Jonathan Taylor, European Investment Bank Vice President, said: “Investment to upgrade Europe’s key ports is essential to improve transport logistics and reduce transport costs passed onto consumers. The Port of Dublin is a crucial transport hub for Ireland and the European Investment Bank looks forward to supporting redevelopment of the Alexandra Basin.”
An analysis by Indecon International Economic Consultants of the wider economic impacts arising from the ABR Project found that for every €1 million in economic costs, the project is associated with €2.80 million in economic benefits.
This is the first time in 20 years for the EIB to finance port infrastructure development in Ireland.