Brussels, 27/09/2011 (Agence Europe) - The European Investment Bank (EIB) approved a €60 million loan on Thursday 22 September to finance the construction of a new container terminal at the port of Cadiz.
The loan will help finance the first phase of construction of the new container terminal at the port of Cadiz, including an internal access road. The project comprises two main components: the construction of around 590 metres of quays to a depth of 16 metres, the reclamation of around 22 hectares of new terminal area, and the dredging of the access channel to widen the turning basin; and the construction of 1.3 km of a two-lane internal access road, including around 0.9 km in a tunnel.
The new terminal will replace the existing container terminal located near the passenger terminal and the city centre and will, the EIB says, 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. (OL/transl.rt)