Port of Rotterdam secures another large loan for expansion

Port of Rotterdam secures another large loan for expansion The Port of Rotterdam Authority has secured a loan of 450 million euros ($657 million) with a bank consortium involving ING, Fortis and Rabo that will be used to fund construction of its new container terminal complex Maasvlakte 2 and existing port infrastructure.
   It is the third large loan the Dutch port authority has taken out within a month coming after agreements were reached with the European Investment Bank (900 million euros) and the Bank Nederlandse Gemeenten (450 million euros). BNG, ING, Fortis and Rabo are also each providing 50 million euros in working capital.
   Construction work on Maasvlakte 2 is due to start in the autumn with the first terminal expected to be operational in 2013. After completion, the new 2000-hectare port and industrial complex will add two container terminals with a handling capacity of about 4.2 million TEUs.
   Construction costs for Maasvlakte 2 are estimated at 3 billion euros, while total investment in the port over the next five years is projected to be approximately 12 billion euros.
   'These loans, totaling 2 billion euros, will easily cover our borrowing requirement for the coming years, including the construction of Maasvlakte 2,” said Thessa Menssen, the Port of Rotterdam Authority’s financial director.