EIB Grants Loan For Liverpool Port Project
News: The European Investment Bank (EIB) has granted a GBP150mn (US$235.3mn) loan to the Atlantic Gateway project Liverpool 2 at Port Seaforth in the UK. UK port operator Peel Ports' new deep river terminal will be capable of handling the new larger, post panamax container vessels that are presently unable to dock at Merseyside. The project is likely to generate 5,000 new job opportunities as well as removing more than 150 miles of road and rail travel. This will also offer Seaforth a significant advantage over other UK ports. The new port is expected to be operational by 2014. The loan was secured following government approval for the construction of the Northern Hub Rail Improvement Project, according to the chairman of Atlantic Gateway, Geoff Muirhead.