Banks get behind Dover docks scheme

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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