The European Investment Bank approved an $82 million loan to finance the construction of a new container terminal in the Spanish Atlantic port of Cadiz.
The new terminal reportedly will have an annual capacity of around 400,000 20-foot equivalent container units, nearly four times the port’s current throughput. Work on the new terminal, which will replace the current container facility located near the passenger terminal, begins in late 2011 and is scheduled for completion in 2015.
The project comprises the construction of 500 meters of quay to a depth of 16 meters, the reclamation of around 22 hectares of new terminal area and the dredging of the access channel to widen the turning basin. The EIB, the European Union’s long-term financing arm, and EU development funds will cover around 87 percent of the total cost of the new terminal.
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