EIB backs EUR 80m Port of Cork container terminal development
The Cork Container Terminal will initially offer a 360 metre quay with 13 metre depth alongside and will enable larger ships to berth in Ringaskiddy.
The development also includes the construction of a 13.5 hectare terminal and associated buildings as well as two ship to shore gantry cranes and container handling equipment.
The requirement for the development of new container handling facilities at Ringaskiddy was identified in the Port of Cork’s Strategic Development plan in 2010.
It will accommodate current and future container shipping which can be serviced by modern and efficient cargo handling equipment with innovative terminal operating and vehicle booking systems.
The Port of Cork anticipates that Cork Container Terminal will become operational by 2020.
This state of the art facility is the most significant single investment in marine infrastructure and superstructure in the history of the Port of Cork Company.
Representing an investment of €80 million, the development is being funded by the Port through an innovative and award-winning financing structure comprising Allied Irish Banks, p.l.c, the European Investment Bank, and the Ireland Strategic Investment Fund (ISIF), and also by including European Union Connecting Europe Facility funds and self-finance.
The Port of Cork awarded the contract for the project to BAM Civil Ltd., part of the multi-national construction group, Royal BAM Group of the Netherlands. ■