EIB commits €100m to Dublin Port ABR Project
Minister for Transport, Tourism & Sport, Paschal Donohoe, met Vice President of the European Investment Bank (EIB), Jonathon Taylor, at Dublin Port to discuss Ireland’s long-term infrastructure development plans. The Vice President is meeting with Dublin Port Company representatives to finalise financing arrangements for Dublin Port’s Alexandra Basin Redevelopment (ABR) Project.
The EIB has committed to providing a €100m loan amortising over 20 years, reflecting the long-term nature of the ABR Project. This is the first time in 20 years for the EIB to finance port infrastructure development in Ireland and highlights the strategic significance of the project, which has a grant of planning permission from An Bord Pleanála. The largest single infrastructure development project in the history of Dublin Port, Dublin Port’s ABR Project is expected to take five years to complete, costing an estimated €230 million.
An analysis by Indecon International Economic Consultants of the wider economic impacts arising from the ABR Project found that for every €1 million in economic costs, the project is associated with €2.80 million in economic benefits.
Eamonn O’Reilly, Chief Executive, Dublin Port Company, said: “It is clear now that 2015 will be a record year and that yet more growth will come in future years as Ireland’s economy recovers. The strong growth on the import side and, within this, the 8.2% growth in petroleum imports from 2.7m to 2.9m tonnes and the 12,000 additional cars imported in the first nine months all come from the welcomed recovery in the domestic economy.
Q3 2015 Trade Figures
Today’s meeting comes as trade volumes continue to rise at Dublin Port in line with projections for a record year in 2015. New figures show total throughput (imports and exports) for the year to 30th September was 24 million gross tonnes, an increase of 5.8% on the 23 million tonnes handled in the first nine months last year. Showing further improvement in the domestic economy, imports rose 6.0% to 14.4 million gross tonnes on the same trading period, while exports strengthened by 5.5% to reach 9.9 million gross tonnes.