A consortium of British and European banks have agreed to provide a £200 million loans package for a major investment project at the Port of Dover.

Allianz Global Investors (£55m), RBS and Lloyds Bank (£35m) and the European Investment Bank (£75m) have each confirmed funding for the Dover Western Docks Revival project.

The development aims to create a purpose-built cargo and logistics facility at the Port, as well as a dedicated ferry terminal in the Eastern Docks and a transformed waterfront for Dover.

VolkerStevin and Boskalis Westminster have been confirmed as the main contractors for the project, with the first phase scheduled for completion at the end of 2018.

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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 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.

"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."

RBS acted as financial advisor to the Port of Dover as well as lender. Bruce Riley, Managing Director of RBS' Structured Finance team, said: "The diversity, tenor and flexibility of the overall funding package achieved reflect the strength of the Port of Dover's business and its enduring importance to the UK economy.

"RBS is proud and delighted to have been able to support the Western Docks Revival project which will have such a positive impact not only on the local community, but also on Britain's connectivity with Europe. RBS is committed to UK infrastructure development and has supported investment in many of the UK's largest projects over the past year."

(LM/MH)