The European Investment Bank has agreed to provide 100 million euros ($125 million) in financing for construction of the Fos 2XL container terminal at the Port of Marseilles-Fos in the south of France.
The project, which is creating two new terminals due to come on-stream in 2010, will increase capacity from 1 million TEUs per year to 2.5 million TEUs.
The loan represents 48 percent of the $263 million in total public funding for Fos 2XL and will be available in several tranches over a three-year period.
The port is financing 26 percent, or $69 million of the cost, and the remaining 26 percent is coming from the French government and regional authorities.
Construction work on the 3,280-foot berth, which started in 2007, is nearing completion and a second phase of dredging is due to start by the end of the year.
Development of landside infrastructure is due to start in mid-2009 and will be undertaken by the terminal's private operators, Mediterranean Shipping Co. and Port Synergy, a joint venture between CMA CGM and DP World of Dubai.
The project, which is creating two new terminals due to come on-stream in 2010, will increase capacity from 1 million TEUs per year to 2.5 million TEUs.
The loan represents 48 percent of the $263 million in total public funding for Fos 2XL and will be available in several tranches over a three-year period.
The port is financing 26 percent, or $69 million of the cost, and the remaining 26 percent is coming from the French government and regional authorities.
Construction work on the 3,280-foot berth, which started in 2007, is nearing completion and a second phase of dredging is due to start by the end of the year.
Development of landside infrastructure is due to start in mid-2009 and will be undertaken by the terminal's private operators, Mediterranean Shipping Co. and Port Synergy, a joint venture between CMA CGM and DP World of Dubai.
