The Royal Bank of Scotland (RBS) has provided funding support to the Port of Dover’s biggest ever single investment, the Dover Western Docks Revival.
RBS have agreed to provide a loan facility of £90m to the Port of Dover to add to cash resources and long term debt finance agreements already available for the development.
The regeneration vision in the Western Docks Progress is continuing well and the fact that the project has gained the confidence of a major bank proves the ports’ commitment to its ambitious regeneration aspirations. The new project will create high quality employment opportunities for local people and support the Port of Dover’s commitment to becoming the best port in the world for the benefit of its customers and community.
Tim Waggott, Port of Dover Chief Executive commented: “This is the Port of Dover’s biggest ever venture and as such is a costly endeavour. We need investment from other sources to be able to meet our ambitions for the Dover Western Docks Revival project and are delighted that RBS have the confidence in the Port, and our vision for Dover, to provide us with this financial assistance to continue to move forward towards completion.”
John Redfern, Head of Corporate South East, RBS added: “It’s fantastic to be able to support a development that will have such a positive impact for the local community and builds Britain’s maritime heritage and trade globally.”
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