£200m loans for Dover Western Docks Revival

The programme aims to create a purpose-built cargo and logistics facility at the Port, which currently handles up to £119bn of UK trade each year.

Tim Waggott, Port of Dover chief executive, 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 per cent 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.”

Allianz Global Investors has agreed to provide the programme with a £55mprivate placement bond while RBS and Lloyds Bank have each provided a £35m revolving credit facility. Alongside this, the European Investment Bank has confirmed a £75m loan.

In addition to bespoke cargo and logistics facilities, Dover Western Docks Revival will also allow the Port to create a dedicated ferry terminal in the Eastern Docks and a transformed waterfront for Dover.

“Dover has been the gateway for UK trade for over 400 years and is an iconic name within the Infrastructure market,” said Guillaume Fleuti, head of infrastructure and energy for Lloyds Bank Commercial Banking.

He added: “Lloyds has a long-standing relationship with Dover and the opportunity to support the Port in its expansion activities goes to the very heart of what Lloyds seeks to achieve – supporting clients and helping Britain prosper. The expansion of the Port is the next evolution in the history of Dover and one which Lloyds looks forward to further supporting.”