This, it claims, will make it one of the most dynamic hubs in the Mediterranean, while at the same time being essential for the economic survival of the 12.3 sq km territory.
Investment of €200m ($273m) will be made by private companies (15%), the ICO (30%) and the European Investment Bank (20%).
In all, 51 hectares of new land will be reclaimed from the sea, significantly boosting the operational area of the port. This should allow it to act as a major transhipment hub, competing with the likes of Algeciras and Tanger-Med.